Deadline approaching for state tax credit for private school donations
March 25, 2011 4:59 PM
All those who pay Arizona state income taxes are eligible to get tax credits for any donations made to private schools for the benefit of students in grades kindergarten through 12th, thanks to a decade-old law.
Students in private schools that benefit from donations to STAY attend schools including Calvary Baptist, Immaculate Conception, Southwestern Christian, St. Francis of Assisi, Yuma Lutheran and Yuma Catholic High School.
School Tuition Association of Yuma (STAY) is a tax-exempt organization that was incorporated in 1999 for the purpose of implementing the Arizona Private School Tax Credit and accepts donations for private schools. By law, donations for private schools cannot be given directly to schools.
“In addition, to qualify as a school tuition organization the charitable organization shall provide educational scholarship or tuition grants to students without limiting availability to only students of one school,” a news release stated.
The limit for married couples filing a joint return is $1,000 for the tax year and single filers remain at $500. All donations must be made by April 15, 2011, to qualify for the 2010 tax year's credit.
“Donations made between Jan. 1 and April 15 can be taken as an Arizona tax credit in tax year 2010 or tax year 2011 but not both,” state a news release.
In September 2006, Arizona Senate Bill 1499 created a corporate tuition tax credit that allows corporations to receive a dollar-for-dollar tax credit on their tax returns for donations to organizations that provide scholarships for children to attend the private schools of their choice.
Contributors to STAY may indicate on their donation card the school to which they wish to donate. Donations should be mailed to STAY, P.O. Box 515, Yuma 85366.
Credit card payment options area available through www.azstay.org or by contacting STAY at 782-5786.
Sarah Womer can be reached at swomer@yumasun.com or 539-6858.
Students in private schools that benefit from donations to STAY attend schools including Calvary Baptist, Immaculate Conception, Southwestern Christian, St. Francis of Assisi, Yuma Lutheran and Yuma Catholic High School.
School Tuition Association of Yuma (STAY) is a tax-exempt organization that was incorporated in 1999 for the purpose of implementing the Arizona Private School Tax Credit and accepts donations for private schools. By law, donations for private schools cannot be given directly to schools.
“In addition, to qualify as a school tuition organization the charitable organization shall provide educational scholarship or tuition grants to students without limiting availability to only students of one school,” a news release stated.
The limit for married couples filing a joint return is $1,000 for the tax year and single filers remain at $500. All donations must be made by April 15, 2011, to qualify for the 2010 tax year's credit.
“Donations made between Jan. 1 and April 15 can be taken as an Arizona tax credit in tax year 2010 or tax year 2011 but not both,” state a news release.
In September 2006, Arizona Senate Bill 1499 created a corporate tuition tax credit that allows corporations to receive a dollar-for-dollar tax credit on their tax returns for donations to organizations that provide scholarships for children to attend the private schools of their choice.
Contributors to STAY may indicate on their donation card the school to which they wish to donate. Donations should be mailed to STAY, P.O. Box 515, Yuma 85366.
Credit card payment options area available through www.azstay.org or by contacting STAY at 782-5786.
Sarah Womer can be reached at swomer@yumasun.com or 539-6858.
