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Arizona's Tuition Tax Credit Scholarship Programs: Corporate & Individual CreditsThrough Arizona's Corporate and Individual tuition tax credit programs, Individuals, Corporations, and Insurance carriers, can receive a 100% Dollar for Dollar tax credit for their donation to Academic Opportunity of Arizona. Since 2016 we have partnered with over 85 schools statewide and allocated over $19,000,000 towards students in need.
*Subject to annual state limits. |
Corporate Tax Credits
Arizona Corporate Tuition Tax Credit allows C-Corporations, S-Corporations, and Insurance companies (premium tax) the ability to donate a portion or all of their annual tax liability and receive a 100% dollar for dollar tax credit.
- 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).
- Contact AOA and complete your commitment form (see button below).
- 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.
- Once your donation amount is approved by the DOR, donations must be received by Academic Opportunity of Arizona within 20 days.
Individual Tax Credits
Tax Year 2024, Married couples filing jointly can claim a maximum credit of up to $2,910, and a Single taxpayer can claim up to $1,459. These amounts reflect both of Arizona's Original and Plus School Tax Credits for individual taxpayers in 2024.
How Does This Work? The Arizona Private School Tuition Tax Credit Law A.R.S. 43-1089 allows you to give to Academic Opportunity of Arizona (AOA) and receive a dollar-for-dollar tax credit against your Arizona income taxes. AOA then turns your tax credit into tuition scholarships for children attending grades K-12 at qualified private schools in the state of Arizona.
This is a dollar-for-dollar tax credit that offsets the amount of taxes you owe. Unlike tax deductions and exemptions, which reduce the amount of your taxable income, tax credits reduce the amount of taxes you owe:
If you owe money for the current tax year, you deduct the amount you donate from what you owe. Example: You owe $4,000 to the state, and you make a tax credit donation of $3,500. You now only owe the state $500.
If the state owes you a refund for the current tax year, your refund will be increased by the amount you donate. Example: You are due a refund from the state of $500. You make a tax credit donation of $2,500 and you’ve increased your refund to $3,000.
In other words, you get what you give. The net cost to you is zero, but priceless to a child.
How Does This Work? The Arizona Private School Tuition Tax Credit Law A.R.S. 43-1089 allows you to give to Academic Opportunity of Arizona (AOA) and receive a dollar-for-dollar tax credit against your Arizona income taxes. AOA then turns your tax credit into tuition scholarships for children attending grades K-12 at qualified private schools in the state of Arizona.
This is a dollar-for-dollar tax credit that offsets the amount of taxes you owe. Unlike tax deductions and exemptions, which reduce the amount of your taxable income, tax credits reduce the amount of taxes you owe:
If you owe money for the current tax year, you deduct the amount you donate from what you owe. Example: You owe $4,000 to the state, and you make a tax credit donation of $3,500. You now only owe the state $500.
If the state owes you a refund for the current tax year, your refund will be increased by the amount you donate. Example: You are due a refund from the state of $500. You make a tax credit donation of $2,500 and you’ve increased your refund to $3,000.
In other words, you get what you give. The net cost to you is zero, but priceless to a child.
*Please consult with your tax professional regarding eligibility and carryover options.*
