July 2020 is just around the corner and Corporate Season is upon us once again! This year, Catholic Education Arizona (CEA) is not only partaking in the Low-Income Corporate Tax Credit program, we are also offering our corporate partners the opportunity to claim an Arizona Disabled/Displaced Tax Credit.
For all C-Corporations, S-Corporations, LLC’s filing as S-Corporations, and Insurance companies collecting premium taxes, you have the ability to redirect Arizona State Tax Liability to a School Tuition Organization (STO) for the purpose of private school tuition scholarships. CEA provides scholarships to 37 schools in the Diocese of Phoenix, St. Michael Indian School, and Boys Hope Girls Hope of Arizona scholars.
In FY19, Low-Income Corporate Tax Credits provided funding for 60% of our scholarship recipients. To qualify for a Low-Income scholarship, the family income must fall within 342.25% of the Federal Poverty Income Guidelines. A family of 5 making approximately $100,000 could qualify to receive scholarship funding from your corporation’s tax credit. CEA contracts with a 3rd party financial aid assessment organization, called FAIR, to determine if a family qualifies for funding.
2020 is the first year CEA will participate in the Arizona Disabled/Displaced Tax Credit. This scholarship focuses solely on students with special education needs, military families, and foster care children. Our Catholic schools provide strong student support, disciplined and structured learning environments, and a mission of inclusivity. On average, 5% of our Catholic school students qualify for Disabled/Displaced funding.
Becoming a corporate partner with CEA is simple. Your company completes a CEA Corporate Commitment Form to indicate how much you would like to contribute and the school(s) you are interested in supporting. CEA then applies with the Arizona Department of Revenue (ADOR) on your company’s behalf on July 1st. Once your tax credit is approved by ADOR, your company then has 20 days to make the contribution to CEA. CEA will provide a tax credit receipt as support for claiming the corporate tax credits when filing your return.
Catholic Education Arizona currently has over 100 corporate partners ranging from $5,000 to upwards of $1,000,000. We welcome any support that a corporation is willing to share. No matter the size of a contribution, a student’s life will be changed, one scholarship at a time!
For additional information please visit our website at www.ceaz.org or call us at 602-218-6542.
Caitlin Wooten, Finance Manager