Tag Archives: tax credit

Arizona SciTech Festival - AZ Business Magazine January/February 2012

Arizona House panel OKs high-tech tax credits

An Arizona House committee has given initial approval to a bill that sets up a tax credit for insurance companies who invest in a new high-tech fund overseen by the Arizona Commerce Authority.

The bill sponsored by Republican House Speaker Andy Tobin gives insurers a credit against premium taxes they would owe of up to $10 million in the budget year beginning July 1 and $20 million in the next two years.

Tobin says the credit will prompt investment in biotechnology, semiconductors, electronics or other high-tech businesses.

It is one of two tax credit bills he is pushing that expand or create new tax credits. Tobin contends they will spur economic growth.

The bill passed the Commerce Committee Wednesday on a 7-2 vote with two Republicans opposing Tobin’s bill.

corporate tax credit

7 Steps To Taking The Corporate Tax Credit

With the deadline looming, did your company get the tax credit? Here are seven easy steps to taking the corporate tax credit.

Each year, companies that do business in Arizona are eligible to participate in the corporate tax credit program — it’s free to participate, as it’s simply a redirection of your state tax liability to a scholarship program. For doing so, your company can receive a dollar-for-dollar credit. This year’s deadline for credits for this year is looming; has your company taken advantage of the program yet?

The tax credit program has a statewide cap each year, and the fiscal year ends in June; so if your company plans to participate, time is of the essence.

Where does the money go?

Tax credit contributions given through Arizona School Choice Trust are used for scholarships for low-income students to attend private schools across Arizona. Your company can even designate the scholarships to certain schools or parts of town if there are places you do business. Scholarships can not be named for specific students. This program allows companies to invest back in their communities, improve education in Arizona, and do so at no cost.

Additional benefits

Your company can publicly announce your participation or remain anonymous. We have hosted many press conferences with check ceremonies promoting a company’s contribution.

These scholarships ensure children get a great education, are headed toward college, and dramatically improve outcomes for the future workforce.

Why ASCT?

Arizona School Choice Trust is the oldest and most experienced scholarship organization in Arizona. We take very seriously our dedication to helping families across the state whose children would not otherwise have the opportunity for a quality education. All of our families complete an extensive application process to ensure they demonstrate financial need. We allow parents to chose any private school in the state. Our scholarships are awarded on a first-come, first-serve basis. Each year we have thousands of applicants and, often, a long waiting list. Every corporate contribution goes a long way to awarding dozens of scholarships to students on our waiting list. We work closely with our corporate donors to share stories of the impact their donation has made, both with their internal leadership and publicly if they desire.

Here are the seven easy steps to participate in the corporate tax credit:

1.    Identify your company’s corporate tax liability.

2.    Determine how much you would like to donate versus pay to the state this fiscal year.  (Your company can donate the entire corporate tax liability amount.)

3.    Contact Arizona School Choice Trust, informing them of the amount you wish to donate. You can send a letter to ASCT’s office P.O. Box 1616, Glendale, AZ 85311; or contact us by email at ldrechman@asct.org. Include your company’s name, EIN #, amount you wish to donate and contact information.

4.    ASCT will file a one-page form with the Department of Revenue asking for approval for the donation/credit. We will send you a copy.

5.    The DOR will respond within 20 days on whether or not funds are available under the current fiscal year cap (for the 2010 fiscal year there is $20M available; 2011 is just over $22M).

6.    Within 10 days of DOR approval (DOR and ASCT will notify you), your company must send a check or wire to ASCT for the donation.

7.    When you file your company’s taxes, you will take the corporate income tax credit on the standard 120 form and file a 335 form as well listing the credit amount.

*Please consult your tax adviser for advice on filing and using your credit. This is only a guide; it does not constitute tax advice.

For more information, contact Elizabeth Dreckman at (480) 223-2769 or visit asct.org.

Arizona School Choice Trust

Arizona School Choice Trust, Tax Credit Gives Students Hope

The mission of Arizona School Choice Trust is to provide hope and opportunity to Arizona’s neediest children. We need your help to continue to provide educational options to these desperate families. Corporations can be a part of our amazing success stories by participating in Arizona’s Corporate Tax Credit Program. Corporations with an Arizona corporate income tax or insurance premium tax liability can redirect up to 100 percent of their tax liability to Arizona School Choice Trust and receive a dollar-for-dollar tax credit for their contribution. The process to enroll is very simple, and it costs nothing to participate — but it makes all the difference to families across Arizona.

One grateful scholarship recipient, Jorge, recently spoke at the Arizona capitol about his experience in the program.  He called the opportunities he has received “life transforming.” His mother Lydia added, “the education provided with generous tax credit contributions has allowed Jorge to reach his true potential.”

Another story of a life touched by School Choice is told by foster parent Carol. Anthony spent the first years of his life in poverty, even experiencing homelessness. Carol says, “Thank you to the many donors who have found it in their hearts to give children like Anthony an opportunity for a better life.”

Our success stories are the reason we are so dedicated to School Choice. We believe that every child deserves the chance to reach their potential. Arizona School Choice Trust scholarships make that possible.

Arizona School Choice Trust is leading the way with new and innovative outreach to the community. In addition to working closely with school choice leaders statewide, we were proud to participate in one of the largest school choice celebrations in the nation.

One highlight of School Choice Week 2012 was a Congressional Town Hall held on January 24th. It was a great opportunity for supporters, educators and children alike to hear directly from their representatives in Washington DC. Participating in the event were Congressman Trent Franks, Congressman Ben Quayle, Congressman David Schweikert and Congressman Jeff Flake. The Congressmen answered questions posed by moderator Jonathan Butcher, Goldwater Institute’s education director, and Lisa Graham Keegan, former Arizona Superintendent of Public Instruction. Attendees voiced strong support for expanded school choice options and encouraged their representatives to continue fighting on behalf of Arizona’s children.

To watch videos from this town hall, or to learn more about Arizona School Choice Trust, visit asct.com. Here, you can learn more here about how your corporation can participate in the growing school choice movement as well.