Program Overview
Incorporated in 1999, School Tuition Association of Yuma, Inc. (STAY) is an AZDOR certified Corporate STO (School Tuition Organization) and is a tax-exempt charitable organization pursuant to section 501(c)(3) of the Internal Revenue Code. (EIN #86-0947351)
Tax Credit Limits
1. Corporate Limits
The corporate tax credit donation limitation for fiscal year 2020/2021, (July 1, 2020 - June 30, 2021) is $123,042,188.
Low-Income Corporate Scholarship demographics based on household income for fiscal year ending June 30, 2020:
Household income up to 185% of poverty level.
| Scholarship Dollars | $614,687 |
|---|---|
| % of Total Low-Income Scholarship Dollars | 38.89% |
Household income greater than 185% but not more than 342.25% of poverty level.
| Scholarship Dollars | $965,960 |
|---|---|
| % of Total Low-Income Scholarship Dollars | 61.11% |
2. Individual Limits
Collectively, the limit for individuals for tax year 2021 is $2,435 (married filing jointly) or $1,219 (filing single or separately).
The way it works for tax purposes is as follows. Individual donations are applied to the "Original Individual Tax Credit" until the donor reaches their "tax credit limit" for the tax year. At that time, the excess dollars are applied to the new "Switcher Individual Tax Credit" until that credit is also maxed for the tax year. Any donations in excess of the total limit, $2,435 (married filing jointly) or $1,219 (filing single or separately), are treated as donations which can be taken as itemized deductions on both your federal and state income tax returns.
Original Individual Tax Credit (Claimed on Arizona Form 323)
- Donors that file married filing jointly, for income tax purposes, can take a tax credit up to $1,221.
- Donors that that do not file married filing jointly, for income tax purposes, can take a tax credit up to $611.
Original Individual Scholarship demographics based on household income for fiscal year ending June 30, 2020:
Household income up to 185% of poverty level.
| Scholarship Dollars | $13,327 |
|---|---|
| % of Total Original Individual Scholarship Dollars | 18.71% |
Household income greater than 185% but not more than 342.25% of poverty level.
| Scholarship Dollars | $27,529 |
|---|---|
| % of Total Original Individual Scholarship Dollars | 38.65% |
Switcher Individual Tax Credit (Claimed on Arizona Form 348)
- Donors that file married filing jointly, for income tax purposes, can take a tax credit up to $1,214.
- Donors that that do not file married filing jointly, for income tax purposes, can take a tax credit up to $608.
Switcher Individual Scholarship demographics based on household income for fiscal year ending June 30, 2020:
Household income up to 185% of poverty level.
| Scholarship Dollars | $5,702 |
|---|---|
| % of Total Switcher Scholarship Dollars | 10.67% |
Household income greater than 185% but not more than 342.25% of poverty level.
| Scholarship Dollars | $9,198 |
|---|---|
| % of Total Switcher Scholarship Dollars | 17.21% |
