Nevada Revised Statute (NRS) 363B.119 offers an opportunity for taxpayers to receive a credit against certain taxes for donations made to Scholarship Grant Organizations ("SGO") that are approved by the Nevada Department of Education(opens in a new tab).
Eligibility: Taxpayers who are subject to tax under NRS 363A.130 and 363B.110 are able to claim this credit.
Approved SGOs: The donation must be made to an SGO that has been approved by the Nevada Department of Education. Taxpayers should visit the Nevada Department of Education(opens in a new tab) to obtain a current list of approved organizations.
Donation Approval: Once a taxpayer makes a donation to an approved SGO, the donation request must be submitted for approval to the Nevada Department of Taxation.
Credit Issuance: If the donation is approved, the taxpayer receives a credit notice which can be applied against the taxes due as outlined in the statutes.
Address for Submission: All documentation related to the approved donation credit notices and tax returns must be sent specifically to the Carson City address designated by the Department of Taxation for proper processing and posting.
Current Status for Fiscal Year 2024
Total Allocation: For FY 2024, the total amount available for donation credits was set at $6,655,000.00, as per NRS 363A.139 and NRS 363B.119.
Status Update: As of July 1, 2023, the full statutory amount of $6,655,000.00 allocated for FY 2024 has been exhausted. Consequently, the Department of Taxation will not be accepting any more applications for donation credits for this fiscal year.
Future Participation: Taxpayers interested in participating in future fiscal years should monitor announcements from the Nevada Department of Education and the Department of Taxation for updates on available funding and application timelines.