As a Jefferson Parish business owner, I am acutely aware of the upcoming tax season. Thankfully, I am also aware of an opportunity to reduce my tax burden while investing in my local community: School Readiness Tax Credits (SRTCs).
The School Readiness Tax Credit program enables individuals with a registered Louisiana business to redirect their state tax dollars to high-quality early care and education in Jefferson Parish. Not only do your taxes remain local, but the funds also serve as an investment in the future of our community — our children.
Business owners can claim this refundable credit by contributing to the Jefferson Ready Start Network (JRSN) Future Fund. The amount you donate lowers your Louisiana state tax liability dollar-for-dollar, up to $5,000. If your contribution to JRSN exceeds your business’s tax burden, then you will receive a check for the difference. This program is a win-win for business owners and our community.
Why Early Care and Education?
Studies show that 90% of brain development occurs before age 5. It is critical that children birth to age 5 have access to high-quality interactions that support their development and growth. These early years mold the minds of our parish’s children — our future leaders, business owners, teachers and healthcare workers.
Research also shows that children who participate in high-quality early learning programs are 25% more likely to graduate from high school, while those who do not attend quality preschool programs are 70% more likely to be arrested for a violent crime before age 18. Making sure our children have a solid foundation benefits the quality of our community now and in the long run.
Investing in the Future of our Parish
Access to early education is a workforce issue. Approximately 70% of Louisiana children from birth to age 5 have both parents, or their single parent, employed full time. Access to quality care enables parents to participate in the workforce or pursue higher level education and training.
Alternatively, when parents are unable to access care for their children, our workforce and economy suffer. Childcare breakdowns cost Louisiana businesses $762 million per year. Lack of access to quality early care also leads to an economic loss of approximately $180 million annually in Jefferson Parish and $1.2 billion annually across the state.
The Time is Now.
We cannot afford the compounding impact of these losses. Now is the time to act. Investing in early care and education directly addresses these economic challenges, while also yielding economic gains. In fact, high-quality early education can yield a 13% return for every dollar invested. The earlier we invest, the higher the returns.
Furthermore, Jefferson Parish is facing a population decline. It is important that we remain attractive to families and new businesses if we wish to secure a thriving future for our community. The SRTC program is a great way to support both.
Partnerships Enhance Local Investments
Jefferson Ready Start Network (JRSN) is a coalition tasked by the Louisiana Department of Education to increase access to high-quality early care and education locally. As the designated Child Care Resource and Referral agency in Jefferson Parish, JRSN leads the SRTC initiative locally.
JRSN works in partnership with the Jefferson Community Foundation (JCF) to support fundraising initiatives. Together, JRSN and JCF created the Future Fund to provide a way for the business community and local residents to support quality early care and education.
Participating in the SRTC program is a strategic investment for your business. We are all required to pay our share of taxes. Why not direct this amount to high-quality early learning? Transform your tax obligation into an investment in our workforce and the future of our community by visiting JeffersonReadyStartNetwork.com/SRTC.
Paula Polito, PhD, MBA, is the owner of Beary Cherry Tree Child Development Center and Advisory Board Member for Jefferson Ready Start Network. She may be reached via email at paulampolito@gmail.com.
