Verde Valley School Tuition OrganizationTake Control of Your Tax Dollars and Help Support Student Scholarships! Donate Now Apply Here
What is the private school tax credit? • A contribution to Verde Valley School Tuition Organization (VVSTO), entitles you to a dollar-for-dollar tax credit against your Arizona state income tax obligation. ORIGINAL Tax Year 2024 Credit Taxpayers may donate through April 15th and count donations as a tax credit in the preceding tax year. SWITCHER (Plus) Taxpayers MUST FIRST donate the maximum credit amount for the Original individual income tax credit before the Switcher credit can be claimed. Tax Year 2024 Credit Corporate Low-Income Tax Credit for Private Schools C-corporations may contribute the total of their annual state income tax or insurance premium tax liability as long as the low-income corporate tax credit cap has not been met. Credits may be carried forward for up to five (5) years if a corporation contributes more than their tax liability in the year they donate. S-Corporations and LLCs S-corporations and LLCs filing as S-corporations may contribute the total of their annual state income tax or insurance premium tax liability as long as the low-income corporate tax credit cap has not been met. There is a minimum contribution amount of $5,000. Credits are passed on to the shareholders proportionally. Credits may be carried forward for up to five (5) years if a corporation contributes more than their tax liability in the year they donate. Timing for Corporate Tax Credit Contributions You may submit an application to make a corporate low-income tax credit contribution to the foundation at any time. Applications are submitted by VVSTO to The Arizona department of Revenue for approval beginning in July and continuing until eligible funds for the fiscal year have been claimed. The corporate low-income cap for fiscal year 2024-2025 is $135,000,000. Contact VVSTO to find out how your corporation can partner with VVS to make the future brighter for low-income students at our member schools.Taxpayers may donate through April 15th and count donations as tax credits in the preceding tax year. Application requirements • Student must be K-12th grade or a preschool student with an Arizona public school IEP or MET • Student must be enrolled full-time in an Arizona private school • Student may qualify for additional scholarships if any of the following apply: • Entering kindergarten • Transferring from An Arizona public or charter school with at least 90 days of attendance in the previous academic year An Arizona homeschool program The Empowerment Scholarship Account (ESA) in the prior academic semester A public, private or homeschool program from out of state or out of country • Dependent of active duty military stationed in Arizona on orders • Previously received an Original/Individual, PLUS/Switcher, Low-Income Corporate or Corporate Disabled/Displaced in a previous academic year and continued to attend a qualified private school • Student may qualify for additional scholarships if the family household income is within the guidelines of the income chart based on household size • If the family meets the income limits in the chart and any child(ren) meets the qualification bullet above, the family qualifies for Low-Income Corporate and the family must submit the two most recent pay statements for any income earners in the household. ORIGINAL $ Amount of 2023-2024 scholarships paid to students with family income... ...up to 185% of poverty level $41,560.00 85.58% ...from 185% to 342.25% of poverty level $7,000.00 14.42% SWITCHER $ Amount of 2023-2024 scholarships paid to students with family income... ...up to 185% of poverty level $22,100.00 47.94% ...from 185% to 342.25% of poverty level $24,000.00 52.06% The STO cannot award, restrict or reserve scholarships solely on the basis of a donor’s 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. |
