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Tuesday, Dec. 14, 2021

Support Early Childhood Education With Refundable School Readiness Tax Credit

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Credit supports quality early care and education

Tax Department at Heard, McElroy & Vestal, LLC

In January of 2008, Louisiana began a refundable state tax credit designed to support quality early care and education. This credit is part of a package of tax credits known as the School Readiness Tax Credit (SRTC).

It provides businesses with a dollar-fordollar refundable tax credit of up to $5,000 for contributions to childcare resource and referral agencies. The Children’s Coalition of Northeast Louisiana and Northwestern State University Child and Family Network (NSU CFN) are the contracted agencies for providing this service.

Why should you participate? Northwest Louisiana will soon have a critical workforce shortage on its hands because in 2017, only 65% of kindergarteners in the Shreveport-Bossier MSA were deemed kindergarten ready. In other words, on the first day of kindergarten 65% of the students were already behind. Kindergarten readiness predicts thirdgrade reading scores. Third-grade reading predicts high school graduation rates. If we do not address this urgent problem, the kindergarteners of today will not be prepared to be the workers and taxpayers of tomorrow.

However, there is one simple and free way to increase the quality of childcare centers.

Specifically, any for-profit or nonprofit organization can donate up to $5,000 to the Children’s Coalition of Northeast Louisiana or NSU CFN and get a dollarfor-dollar credit against their Louisiana Income Taxes. If you owe no Louisiana state taxes, you will get a $5,000 refund back come tax time. You read that correctly – your business will get every penny of your contribution back.

Can we count on you to help with this effort? When it comes to the education of our citizens, we can’t afford to fail.

For more information, please contact Heard, McElroy & Vestal, LLC, email hmv@hmvcpa.com or call 1-800-241- 0181.

ON STANDS NOW!

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