Academic Opportunity of Arizona is a not for profit 501(c)(3) who provides educational funding and support for children living with disabilities and low income hardships in Arizona.
Class C or S Corporations, and insurance carriers that have an Arizona Corporate income tax or insurance premium tax liability, can redirect some or all of their tax liability to Academic Opportunity of Arizona. Redirected funds provide scholarships to qualifying students who are disabled, have been displaced or have low-income hardships.
The donating corporation will receive a 100% tax credit for every dollar it donates to Academic Opportunity of Arizona up to the annual cap. Corporations do not incur any additional cost as we only redirect taxable funds that corporations are already liable for (AZ Income Tax/Insurance Premium Tax) to AOA. By partnering with AOA, not only will your company make a direct educational impact on local students and families in need, you’re also investing in the growth and success of Arizona.
In order for a school to qualify it must offer educational services to students with disabilities, non-governmental primary or secondary school that is located within Arizona and does not discriminate based on race, color, disability, familial status or national origin. All teaching staff and personnel that have unsupervised contact with students are required to be fingerprinted. A charter school, or any program operated by a charter school, is not considered a qualifying school.
1. Identify your tax liability and determine how much you would like to donate. (Your company can donate the entire corporate income/insurance premium tax liability).
2. Contact AOA and complete your commitment form.
3. AOA will file your request with the Department of Revenue (DOR) seeking approval for the donation amount. The DOR will respond within 20 days on whether or not funds are available under the current fiscal year cap.
4. Once your donation amount is approved by the DOR, donations must be received by Academic Opportunity of Arizona within 20 days.
Arizona taxpayers can donate to Academic Opportunity of Arizona and receive a dollar-for-dollar tax credit. The 2017 tax credit amounts are $1,092, for married couples filing jointly, or $546 for a single taxpayer. A taxpayer may donate through April 16th, 2018 for a 2017 filing. Scholarships are need based and issued to qualified students living in AZ.
This tax credit is in addition to the Original Individual Income Tax Credit. A donor must first give the maximum toward the Original Individual Income Tax Credit to be eligible. The 2017 tax credit amounts are $1,085, if married filing jointly, or $543 for single tax payer. A taxpayer may donate through April 16th, 2018 for a 2017 filing. Scholarships are need based and issued to qualified students living in AZ.
ARS 43-1603 (C) NOTICE A school tuition organization cannot award, restrict or reserve scholarships solely on the basis of donor recommendation. A taxpayer may not claim a tax credit if the taxpayer agrees to swap donations with another taxpayer to benefit either taxpayer’s own dependent.
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