It’s true! The Arizona state tax credit enables individuals, couples, and S- and C-corporations to help students from low-income families attend The Gregory School at no cost to your bottom line.
If you file Arizona state taxes, you can probably participate, and the deadline for the 2020 tax year has been extended to May 17!
The Arizona State Tax Credit is not a donation. When you take the credit, you direct funds you have already paid, or are obligated to pay, in state taxes to help provide scholarships for Gregory School students.
You then get the money back from the state, either as a credit toward what you owe or as a refund.
The deadline to participate for the 2020 tax year was extended to May 17, 2021.
Maximum contributions for the 2020 tax year:
⇒ Single filers = $1,183
⇒ Married filing jointly = $2,365
⇒ OR your total tax liability, whichever is less.
You can view additional information on our support page. Please consult with your tax advisor about this program.
Corporations with Arizona state income tax or insurance premium tax obligation can redirect their corporate tax dollars through the low-income corporate tax credit. This enables eligible corporations to take a dollar-for-dollar credit for contributions made to the program. The funds provide need-based scholarships for low-income students.
C-corporations may contribute the total of their annual state income tax or insurance premium tax liability as long as the low-income corporate tax credit cap has not been met. Credits may be carried forward for up to five years if a corporation contributes more than their tax liability in the year they donate.
S-corporations may contribute the total of their annual state income tax or insurance premium tax liability as long as the low-income corporate tax credit cap has not been met. There is a minimum contribution amount of $5,000. Credits are passed on to the shareholders proportionally. Credits may be carried forward for up to five years if a corporation contributes more than their tax liability in the year they donate.
The School Tuition Organization submits the application to the Arizona Department of Revenue for approval beginning in July and continuing until eligible funds for the fiscal year have been claimed.
The corporate low-income cap for fiscal year 2020-2021 is $123,042,188.
The School Tuition Organization provides the funds to The Gregory School to pay the tuition of students from low-income families.
Please consult with your tax advisor about this program.