Who Qualifies for this Tax Credit?
Arizona “C” Corporation(A.R.S. § 43-1183) & An Arizona “S” Corporation(A.R.S. § 43-1089.04) can donate to a School Tuition Organization (STO). There is an annual state maximum credit(s) of up to $135,000,000. Credits are allocated on a first-come-first-serve basis.
-“C” Corporations can donate up to their state income tax liability for the given tax year as long as it does not exceed the statewide maximum for the year.
-“S” Corporations may donate up to their state income tax liability for the given tax year with a minimum donation of $5,000 and then pass the tax credit on to its shareholders proportionately.
-“C” Corporations can donate up to their state income tax liability for the given tax year as long as it does not exceed the statewide maximum for the year.
-“S” Corporations may donate up to their state income tax liability for the given tax year with a minimum donation of $5,000 and then pass the tax credit on to its shareholders proportionately.
How Much Can I Donate?
There is an annual state maximum credit(s) of up to $145,000,000+ for fiscal year 2022/23. Credits are allocated on a first-come-first-serve basis.
-“C” Corporations can donate up to their state income tax liability for the given tax year as long as it does not exceed the statewide maximum for the year.
-“S” Corporations may donate up to their state income tax liability for the given tax year with a minimum donation of $5,000 and then pass the tax credit on to its shareholders proportionately.
-“C” Corporations can donate up to their state income tax liability for the given tax year as long as it does not exceed the statewide maximum for the year.
-“S” Corporations may donate up to their state income tax liability for the given tax year with a minimum donation of $5,000 and then pass the tax credit on to its shareholders proportionately.
Who Receives My Donation?
We support all qualifying children K-12th grade across Arizona who are living with a disability and/or low-income hardships. Since 2015 we have partnered with 60+ schools throughout AZ. All scholarships are issued to qualified and verified students and schools. Over 90% of every dollar donated is applied towards students who need it most.
When Can I Donate?
Immediately, as donations are accepted on a first come, first served basis. We recommend all corporations make their commitments as soon as possible to ensure approval for the FY.
Where Can I Donate?
Click on the tax credit tab and then select Corporate Donors. Scroll down to find out how easy it is to submit your donation by completing your commitment form. Submit your commitment form directly to AOA at academicopportunity.org.
How Do I Receive My Dollar For Dollar Tax Credit?
AOA will submit your donation request for approval with the Arizona Department of Revenue. This tax credit is approved on a first come first served basis. Once approved, AOA will provide you with a donation receipt to receive a credit for every dollar donated.
