Does your company pay income tax or premium tax in Arizona?
If so, then you may be able to receive a dollar-for-dollar tax credit by making generous donations to School Tuition Organizations (STOs). Then, these donations are used to scholarship students K – 12 in Arizona. The best part is that it does not cost you or your corporation anything!
Any corporation that pays Arizona state income tax as well as all local and national insurance companies that pay Arizona premium tax and S corporations with stakeholders that pay Arizona state income tax are all eligible to take advantage of the STO tax credit program. Through this program, tax dollars owed to the state of Arizona can be redirected to STOs in order to provide scholarships to Arizona private school students. Contributions are accepted beginning the first day of the fiscal year (July 1st) and can continue to be accepted until the annual cap is met. As such, your company can provide scholarships to students from low-income families or students who qualify as disabled/displayed.
For the 2017/2018 fiscal year, the following donation caps exist:
- Low-Income: $74,300,838
- Disabled-Displaced: $5,000,000
If your organization is looking to make a donation to an STO, it would be great if you would consider Life Development Institute Education Fund, which was established in 2006 as a non-profit private school tuition organization (STO) that solely exists for the purpose of funding a private education for less-fortunate students under Arizona Private School Tuition Law of 1997 (A.R.S. Section 43-1089).
Our mission is to provide financial assistance for highly motivated and bright applicants who are seeking to improve their lives and enhance society though private education.
Life Development Institute Education Fund is committed to providing opportunities to high school students seeking a private education with an emphasis on awarding scholarships to students who have social learning difficulties such as Autism Spectrum Disorders (ASD), Learning Disabilities (LD), ADHD and other similar difficulties.
Under the provisions of Arizona State Law, LDIEF is required to award 90% of all tax credit donations received.
- Since 2013, 69% of all scholarships were awarded to families earning less than $50,000 annually
- Since 2013, 73% of all scholarships awarded supported students seeking a private education at a special needs school
- According to Private School Review, the average cost of a private high school education is $17,875 per academic year
- For special education, private day high school tuition can exceed $22,000 per academic year
To learn more, please contact LDIEF at 623-773-1545 or via email at firstname.lastname@example.org.
Notice: A school tuition organization cannot award, restrict or reserve scholarships solely on the basis of donor recommendation. A taxpayer may not claim a tax credit if the taxpayer agrees to swap donations with another taxpayer to benefit either taxpayer’s own dependent.
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