Catholic Education Arizona is a School Tuition Organization that serves the 37 Diocese of Phoenix Catholic schools in Arizona. By partnering with the Arizona Society of CPAs (ASCPA), CEA helps to educate CPA professionals and the community of the importance and benefits of tuition tax credits. Over 138,000 students in Arizona have received tuition assistance through directed tuition tax credits over the last two decades.
The Arizona tuition tax credit program allows both individuals and corporations to direct their tax dollars to underserved families. Corporate partners that are filing as a C-Corporation, S-Corporation, or LLCs that file their state taxes as a C-Corp or S-Corp can direct up to 100% of their state tax liability to low income and disabled/displaced scholarships through Catholic Education Arizona.
Which tax credits are available for corporations?
There are two tuition tax credits available to corporations including Credit 335 and Credit 341. Credit 335 is for corporate contributions to school tuition organizations, and Credit 341 is for corporate contributions to school tuition organizations for displaced students or students with disabilities. Corporations benefit from participating in the Arizona tuition tax credit program because it is an investment in education and the future workforce, shows goodwill in the community, and it provides federal tax benefits and optional name recognition for your company.
CEA’s partnership with ASCPA
Arizona Society of CPAs (ASCPA), the leading organization for CPA professionals in Arizona, helps members make connections within the community and keep them up to date on changes within the tax profession. Now in their second year of partnership with Catholic Education Arizona, ASCPA members are educated about individual and corporate tax credit programs and can directly contact them with questions.
Catholic Education Arizona will be sponsoring ASCPA’s Don Farmer conference on October 30th as they review current tax year developments. This virtual conference will provide an update on all 2020 legislature changes for CPAs to use throughout the upcoming tax season. By educating and supporting the important work of Arizona’s CPA professionals, Catholic Education Arizona hopes to assist more families looking to improve their children’s Catholic education with tuition tax credits.
When you direct your tax dollars, you are investing in Arizona on a personal and economic level by assisting families looking for specific educational opportunities for their children. For many in Arizona, tax credit contributions make it possible for families to give their children a faith-based and academically challenging education. Your tuition tax credits can give Arizona students the ability to reach their full potential. For more information on how tuition tax credits work or how your contributions can assist Arizona families, contact Catholic Education Arizona today at www.ceaz.org or call 602-218-6542.
