Corporations Donate $700 Million to Scholarship Organization
28-Apr-2011 | News-Press Release
I wanted to take this opportunity to share a unique angle on how the corporate community has been generously funding scholarships for low-income children despite the uncertain economic times.
Step Up For Students is a Florida-based nonprofit that administers the Florida Tax Credit Scholarship, which is funded through tax redirection. Since 2002, the corporate community has contributed more than $700 million to the scholarship program, allowing nearly 180,000 students in kindergarten through 12th grade to benefit from a scholarship.
Step Up For Students gives corporations, such as Walgreen Co., AT&T, Marriott International and HCA, the unique opportunity to provide educational options for thousands of children in Florida while earning dollar-for-dollar tax credits for their contributions.
Companies with the following tax liabilities are invited to contribute to the program: Florida corporate income tax, insurance premium tax, alcoholic beverage excise tax, direct pay sales and use taxes, and oil and gas severance tax liabilities. Corporations don’t need to be located in the state of Florida, however they must have one of the listed tax liabilities to participate. For banks, there is an added benefit as examiners at Community Reinvestment Act (CRA) regulatory agencies have approved dollars transferred to fund scholarships through this program to qualify for positive consideration under the CRA investment test. There are other corporate tax credit scholarship programs throughout the nation that have the same funding mechanism as ours, including Georgia and Arizona.
I value your time and believe this would make a strong story on social/corporate responsibility for your readers. Please don’t hesitate to contact me for more information as it would be my pleasure to assist. Have a great day and I look forward to talking with you soon.
Jillian Metz | Marketing and Events Manager | Step Up For Students
339 South Plant Avenue | Tampa, FL 33606 | (C: 727.492.1213 | www.stepupforstudents.org
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