Rex and Caitlyn were on Chamber Chatter with John Courtis this week. We talked about how individuals and businesses can Think Yuma First through the Arizona Tax Credits. You can listen to the podcast here: http://kbluam.com/podcasts/chamberchatter/ChamberChatter-6-3-20.mp3.
Corporate Tuition Tax Credit
Coming up soon, C Corporations and S Corporations can apply through a School Tuition Organization (STO) to make a tax credit contribution that will fund scholarships for local, low-income K-12 kids attending private schools. Contact us to find out more about the credit. We administer an STO – School Tuition Association of Yuma – and can help you understand the rules.
The corporate tax credit has total cap put in place by the State of Arizona, so businesses must apply through an STO and be pre-approved by Arizona to make the contribution. The application process is very competitive and the window opens at the beginning of July, so make sure you contact an STO right away if you’d like to contribute for the 2020/2021 year.
Individual Tax Credits
There are also many individual Arizona credits. Here are some of the credits and local organizations that qualify:
2020 Arizona Tax Credits – Maximum Contribution for Married Filing Jointly (Other Status):
Private School Tax Credit: Maximum $2,365 ($1,183):
School Tuition Association of Yuma (STAY): https://www.azstay.org/
Foster Care Tax Credit: Maximum $1,000 ($500):
Arizona Baptist Children’s Services: https://abcs.org/
Jessie’s Closet: https://www.jessiescloset.org/meet-us
Qualified Charitable Organization: Maximum $800 ($400):
Crossroads Mission – http://crossroadsmission.org/
Yuma Community Food Bank – https://www.yumafoodbank.org/
Amberly’s Place- https://www.amberlysplace.com/
Assistance League of Yuma – https://www.assistanceleague.org/yuma/
Full list of organizations can be found here: https://azdor.gov/sites/default/files/media/CREDITS_2020_qfco.pdf
Public School Tax Credit: Maximum $400 ($200):
Yuma Union High School District – https://www.yumaunion.org/
Yuma Elementary School District One – https://www.yuma.org/
Crane Schools – http://www.craneschools.org/