Corporate Tax Credit Procedure
The state approves corporate requests on a first come first serve basis. The cap for July 1, 2017 thru June 30, 2018 is $74.300 million. To make a donation, please follow the steps provided.
- Contact STAY with the following information:
1.1 Name of the corporation requesting to make the donation.
1.2 Amount the corporation wishes to donate.
1.3 Corporate mailing address.
1.4 Corporate federal tax ID.
1.5 C Corporation or S Corporation?
1.6 Name and EIN of parent S Corporation if contributing company is a qualified subchapter S subsidiary.
1.7 Does the corporation pay insurance premium tax? If so, what is the NAIC Number?
1.8 Calendar year or fiscal year? If fiscal year, when does it begin and end?
- STAY will complete a corporate donation application and submit it to the Arizona Department of Revenue
- ADOR has 20 days to approve the contribution and notify STAY.
- STAY will notify the corporation if it is approved by the DOR, and then the corporation has 20 days to fund the contribution. After 20 days, the state approval expires and the corporation must start the process over again.
- You will receive a receipt to be used in lieu of the payment of Arizona income tax.
Donations are not limited, only the tax credit is limited. Corporate donations made to STAY would be treated the same as a donation to any other 501(c)3 charitable organization.
Programs1. Low-Income Corporate Tax Credit
2. The student must meet one of the following criteria:
- Eligibility is limited
- AND -
- Dependent of an active duty member of the US Armed Forces who is stationed in AZ pursuant to military orders.
- or -
- Enrolls in a qualified private school Kindergarten program.
- or -
- Attended a public school for 90 days of the prior school year and transferred to a qualified private school.
- or -
- Received a scholarship from a Corporate Low-Income program - OR - an Original Individual program - OR - an Switcher Individual program, issued by an Arizona STO, and had uninterrupted continual enrollment in a qualified private school.
3. The family must meet the following income guidelines based on household size and income.
- Federal Low Income Guidelines
** Add $14,306 for each additional household member.
Household Size Income Limit 2 $55,581 3 $69,887 4 $84,194 5 $98,500 6 $112,806 7 $127,112 8 $141,418
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