Great news for Arizona students, schools, donators and everyone else! The State legislation passed a bill (SB1047) that goes into effect this year (2012) as A.R.S 41-1089.03.
What is so great about this new law?
This new law doubles the amount of maximum tax credit you can take! The “original” tax credit allowed a maximum of $500/$1000 for single/married tax filers, but for tax year 2012, you can donate up to $1003/$2006 to a School Tuition Organization (STO), such as AZ4Education. This is being called the “switcher credit”, but we are going to be referring to it as “EXTRA” credit.
If you previously were a supporter of the STO program and donated your maximum, you know the benefits, but now you can reduce your tax burden up to 2x more, if you take the maximum! Plus, more dollars will be available to the families who want to apply for scholarships and that means more people being able to choose a private K-12 education.
Why did they pass this law?
Because many Arizona families were unable to receive a scholarship in 2011 due to a lack of funds, which are derived from generous donators.
Further details will be explained about this new EXTRA credit in follow up posts, but we wanted to let you know our website is already updated to support the new law. We will ask a few more basic questions, as required, but it is only to help you with filing your taxes.
We are very pleased to have this extra funding potential, so we can help more families. Please tell others you know about AZ4Education and the STO program. If you have any questions, contact us so we can help or check out our website at www.AZ4Education.org.