You win. So do students in need.
Corporate Low-Income Tax Credit for Private Schools
Your corporation can provide a brighter path for students in our state. Corporations with Arizona state income tax or insurance premium tax obligation can redirect their corporate tax dollars through the low-income corporate tax credit. The net cost is zero, since this enables eligible corporations to take a dollar-for-dollar credit for contributions made to the program. In turn, the funds provide need-based scholarships for low-income students. It’s a win-win for both parties.
C-Corporations
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 (5) years if a corporation contributes more than their tax liability in the year they donate.
S-Corporations and LLCs
S-corporations and LLCs filing as 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 (5) years if a corporation contributes more than their tax liability in the year they donate.
Timing for Corporate Tax Credit Contributions
You may submit an application to make a corporate low-income tax credit contribution to the foundation at any time. Applications are submitted by AISSF 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 2023-2024 is $158,476,605.
Contact us to find out how your corporation can partner with AISSF to make the future brighter for low-income students at our member schools. Complete and submit the corporate donor application online below or print out the application here.
Online Application