Having worked as both a CFO and CPA, Mike Rapisand knows what goes into making a business financially successful. He advocates that participating in initiatives like the corporate tax credit opportunity in Arizona gives organizations the chance to stand out from the competition while making a difference within their communities. He discusses this with Deb Preach, the Chief Development Officer at Catholic Education Arizona.
An Outsider’s Perspective on Arizona’s Tax Credits
Rapisand comes from Texas, where he lived most of his life. Being a transplant to Arizona makes Rapisand more appreciative of the charitable tax programs available to both individuals and corporations in the state. He explains, “One of the great little gems is that here in Arizona, you get to decide where some of your tax dollars are going to go. And you have a say and how the money is spent.”
Not all states offer opportunities for taxpayers to direct where their tax dollars will go, but Arizona does. Catholic Education Arizona utilizes tax dollars to provide underprivileged students with scholarships to Catholic schools. Preach details that there is an ever-growing need in this sector, stating that the need last year totaled over $42 million.
According to Statista, in 2019, about 13.5% of Arizona’s population lived beneath the poverty line. Preach states that the rapidly expanding desire for a high-quality Catholic education makes it more important than ever for individuals and corporations to get on board with charitable tax credits.
Businesses Have Nothing to Lose
Rapisand says that he absolutely recommends that business owners take advantage of the Catholic tuition tax credit — and the more successful a business is, the more they have to offer their communities. He says, “If you’re paying a huge tax bill, that means you’ve made some money. You should be proud of that. But now you have a chance to have an impact on the community.”
He continues, “A lot of business owners love that because they recognize that the community is what’s helped them make their business successful, and they want to give back.”
All businesses are welcome to act, whether they want their participation in the tax program to be public or private. Preach clarifies, “I know a couple of the corporate clients that you have referred to us are remaining confidential. And we respect that at CEA! We are happy to promote clients that wish that to happen, we are happy to respect confidentiality.”
Preach summarizes, “It’s quick, it’s easy, and ultimately, it doesn’t cost you anything.” For more information on how your business can aid local students in gaining scholarships to receive a Catholic education, reach out to CEA today.
