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What constitutes a qualified school?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

Qualified school means a preschool that offers services to students with disabilities, nongovernmental primary or secondary school that is located in Arizona and that does not discriminate based on race,…

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What is a school tuition organization?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

A school tuition organization is a charitable 501(c)(3) organization that must: allocate at least 90% of its annual contributions to scholarships; not limit the availability of scholarships to students of…

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How does the Brophy Community Foundation distribute its funds?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

Brophy Community Foundation contracts with an independent service, FACTS, that processes and reviews all financial aid applications, including tax returns and W-2s, and calculates financial need of each family. Awards…

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What is the procedure for making a corporate/insurance tax credit donation?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

Brophy Community Foundation (BCF) handles all the paperwork required by the Arizona Department of Revenue (ADOR}. Contact Carol Brown at 602-264-5291 x6521 or cbrown@brophyprep.org to initiate the process before July…

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Can a taxpayer donate stock to Brophy Community Foundation and receive a tax credit?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

No. The taxpayer may donate stock to the Brophy Community Foundation but the donation is not eligible for the tax credit since it is not considered a cash donation.

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Is there a minimum limit to corporate tax credit donations?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

There is a minimum aggregate contribution of $5000 for “S” corporations only.

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Is there any limit to the amount of money a single corporation can donate for a tax credit?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

Yes and no. There is a limit to how much corporations can donate in total each fiscal year for a tax credit. However, one corporation could donate the entire tax…

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Is there any limit to the amount of money corporations can donate in total in a fiscal year?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

The corporate tax credit donation limitation for fiscal year 2020/21 is $123M. Brophy Community Foundation will submit applications to the Arizona Department of Revenue on July 1, 2020, on behalf…

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What is the low income corporate tax credit?

  • Post author:iwsadmin
  • Post published:April 25, 2019
  • Post category:

Arizona law allows a dollar-for-dollar state income tax credit for “C” & “S” corporations and insurance companies that pay a premium tax for contributions to the Brophy Community Foundation, an…

Continue ReadingWhat is the low income corporate tax credit?
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