Freeport Area Education Foundation offers tax credits for business donations
Businesses within Freeport Area School District can get a tax break for donating to the district’s foundation.
The Freeport Area Education Foundation recently received state approval for an Education Investment Tax credit.
That means a business can get a credit against business taxes.
Businesses can claim 75% on any donation as a tax credit. If the same business, however, pledges two consecutive years, it can be a 90% credit on the donations.
“It’s a huge item to be eligible to receive donations from community businesses,” foundation President Regan Cordier said. “We’re hoping to get some very serious contributions that will make a difference in our school district.”
Even before the tax credit was approved, the foundation gave out 90 scholarships worth $145,000 in the last six years, Cordier said.
Sixteen classroom grants worth about $12,700 were doled out, and a $2,500 donation from natural gas driller XTO Inc. will go toward maker spaces and book shelves in Buffalo and South Buffalo elementary schools.
The foundation raises money outside the scope of the school district budget.
George Guido is a Tribune-Review contributing writer.
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