The Children’s Promise Act
It isn’t an easy time to be in education. Ongoing CDC policy updates/interpretation/implementation/assessments, enhanced safety measures (from equipment to human behavior recommendations), quarantine guideline management, and the never ending evolution of running a school through a pandemic is plenty to consume time and effort; and this doesn’t even start into the ‘normal’ responsibilities of running a school. Plus there is the stress of raising the significant financial resources to make our school a reality
So why do we do it?
Because providing an excellent educational experience that shepherds our students into a biblical worldview is completely and entirely worth it! That doesn’t make it easy but it does make it a worthwhile endeavor to spend your life pursuing.
Time and time again, the Lord has been faithful to provide partners who have embraced opportunity to invest in the mission of our school. With each passing year, we strive to enhance the quality of our programs and expand the scope of our impact in the lives of our students. Scroll back through our recent blog posts to see how we are continuing to pursue excellence during the 21-22 academic year.
While we give glory to God for the school’s continued growth and success, we also celebrate His provision of a kind, encouraging, and generous community of financial partners. Our financial supporters have heavily invested in the mission of our school, equipping our leadership with the resources to become a truly one-of-a-kind academic institution in our state.
As we plan for the future, we have identified a program that allows Mississippi businesses to receive a dollar-for-dollar tax credit for up to 50% of their state tax liability. The credits can be carried forward for up to 5 years. The program is administered by the Department of Revenue for the State of Mississippi and called the Children’s Promise Act.
The program, which began in 2018, begins at the stroke of midnight on January 1st when the Department of Revenue begins accepting applications from Mississippi businesses via email. The program operates on a first-come, first-serve basis and has a statewide cap. Once the statewide cap is reached, no more applications will be approved for the remainder of the calendar year. The 2021 statewide cap was reached within minutes on January 1st as businesses scrambled to take advantage of the program to support their preferred qualifying nonprofit, so it is a very heavily pursued program.
There is zero risk by submitting an application to the Department of Revenue seeking approval to participate in the program. If the application is approved, the business has 60 days to make the voluntary contribution and provide a copy of their donation receipt letter to the DOR. If they do not make the donation within 60 days of being approved, the amount they were approved for is added back to the statewide cap for the next business in line to take advantage of the program. If an application is denied, the business is under no obligation to make a donation of any amount to TRS.
It is virtually free money since a business would be paying it in taxes anyway.
Our school has received more than $190,000 over the past 2 years from contributions through the Children’s Promise Act Program. These funds have played a vital role in ensuring our students continue receiving excellent educational experiences from a biblical worldview in a safe, urban environment.
In an effort to maximize this opportunity on January 1st of 2022, TRS will be hosting a educational luncheon on our campus during the month of November. At the luncheon, we will share more about the Children’s Promise Act, provide definitive next steps for how to participate, and field questions. The lunch is free so it will only cost you your time. If you would like to join us for this informational luncheon, please RSVP via email by clicking here.
The information provided in the post is not tax advice. Each business owner should consult with your tax advisor to assess the program & level of participation.
