What is the Corporate Tax Credit ?
In 2006 and then in 2008, the Arizona State Legislature passed into law the Corporate Income Tax Credit and then the Disabled/Displaced Corporate Income Tax Credit (A.R.S. §20-224.06 and § 43-1183), which allows a corporation to contribute to a qualified STO (School Tuition Organization) and receive a dollar-for-dollar Tax Credit up to the total amount of their tax liabilities and may qualify to also claim that amount on their federal taxes as a donation. STO4KIDZ in-turn
The 2020/2021 FY statewide Corporate Tax Credits available:
- Low-Income category corporate tax credit: $123,042,188 AND
- Disabled/Displaced category corporate tax credit: $5,000,000.
On July 7, 2020, STO4KIDZ submit the pre-approval corporate applications to the Arizona Department Of Revenue (ADOR) on behalf of the corporations which have submitted their pledge forms to STO4KIDZ. ADOR will process the applications on a first-come-first-served basis until the state cap amount is reached and at that point, no more application is accepted. Typically the cap is met within the first hour, so it is important to have your Pledge form filled with us well prior to June 30, 2020.
NOTE: The 20/21 Annual Statewide Corporate Tax Credit Cap is still open for the Low-Income Category. Please consider taking the tax credit. SUBMIT YOUR NON-BINDING PLEDGE TODAY!
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