|Do you (or someone you know) own an Arizona company? Did you know that corporate tax dollars can be redirected to JGS kids? It’s true—and it’s EASY! (Really! Read on!)
If your company pays income tax (or premium tax) in Arizona, you have the opportunity to make a difference at no cost by making a donation to Arizona Private Education Scholarship Fund (APESF) or Arizona Tuition Connection (ATC) & recommending that the funds go to students at The Jones-Gordon School!
1. AZ C-Corporations can donate up to their state income tax liability for the given tax year as long as it does not exceed the annual statewide cap.*
AZ S-Corporations can donate up to their state income tax liability for the given tax year with a minimum donation of $5,000 and then pass the tax credit on to the company’s shareholders proportionately.*
*The annual statewide cap for the 2017-18 school year is $74,300,838. There’s no set donation maximum for an individual company.
2. Then, qualified families apply to APESF for a financial aid scholarship. APESF awards the scholarships and the money is sent directly to JGS.
3. At tax time, the corporation claims the corporate tax credit for the amount contributed. The State of Arizona provides a credit against the corporation’s state taxes for 100% of your contribution.
1. Complete a Donation Pledge Card (see button below) or call APESF at (480) 699-8911 or ATC at (480) 409-4106. IMPORTANT! All donors hoping to take the credit must submit a Donation Pledge Card to APESF by June 30, 2017.
Please note that in order to receive the tax credit, the donation amount must be less than or equal to the amount you will pay to the State of Arizona.
2. APESF or ATC will submit your donation request for approval to the AZ Dept. of Revenue (AZDOR) and will contact you with the response.
Corporate tax donations are very popular, and because there is a cap, there is no guarantee that your company’s application will be approved. Early submission is your best option!
3. Following approval, your company has 20 calendar days to make its donation to APESF or ATC. If the donation is not received in 20 days by APESF or ATC, the contribution approval will be canceled, and the process will start over again.
4. Once APESF or ATC receives your donation, your company can take the dollar-for-dollar credit on its next tax return (or can utilize the tax credit within the next five years).
Click the button below: download & print the PDF Corporate Donation Pledge Card, OR use Adobe Acrobat Reader to complete & save electronically.
JGS students thank you!!