STEPS Tax Credit Program
The Rhode Island Scholarship Tax Credit Program allows corporations help low-income families afford a private school education in return for a substantial tax credit.
C-Corps, S-Corps, LLPs, and LLCs can qualify for up to a 90% state tax credit on donations made to scholarship granting organizations. The application process is very simple, and tax credits can be as large as $100,000.
Participating companies have included Bank of America, Citizens Bank, CVS, and FM Global, among many others. The program is administered by the Rhode Island Department of Taxation.
The funding received through STEPS supports Sophia Academy, along with Community Preparatory School, San Miguel School, and Grace School (part of Meeting Street).
Sophia has awarded almost $1 million since 2008 in scholarship funds to bright and talented students thanks to our generous STEPS business donors.