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. The statewide Low-Income Corporate Tax Credits for fiscal year 2019/20 is $106,993,207 and Disabled/Displaced Tax Credit is $5,000,000.
On July 2, 2019 STO4KIDZ will 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, 2019.