Corporate & Insurance Premium Tax Credits
Your contribution makes private education possible for low income families and will not cost your company anything.
“C” and “S” corporations with an Arizona income tax liability and insurance companies that pay Arizona premium tax can redirect their tax liability to Brophy Community Foundation and receive a 100% dollar-for-dollar Arizona income or premium tax credit. The money is awarded to k-12 students, with verified financial need, for private school tuition assistance at these Arizona schools.
The current $74M fiscal year cap has been claimed. On July 1, 2018, the new $89M cap will be available.
SPECIAL NOTE FOR S-CORPORATIONS The 2018 Tax Cuts and Jobs Act has made significant changes to the tax laws, notably a $10,000 federal deduction cap on any combination of state and local taxes such as residential property taxes and income or sales taxes. S-corporations (tax credit passes through to s-corp owners), who itemize on their 2018 federal income tax return, may not be able to itemize the full amount of their Arizona income tax as in previous years. S-corporations that donate to Brophy Community Foundation can get a dollar-for-dollar Arizona income tax credit and federal deduction. In essence, taxpayers may convert their state income tax deduction into a charitable deduction and maximize potential itemized deductions.
To apply for this credit, contact Dawn Kennedy at email@example.com or 602-264-5291x6521 or complete one of the forms linked below.
Read the laws and ADOR Procedures below: