Corporate Tax Allocation Process ,Timeline, and Tax forms to Claim Your Tax Credit
1. Determine your business tax liability and how much to would like to allocate for scholarships vs paying to the state for the current year.
2. Complete and submit your online or printable Non-binding pledge form or call STO4KIDZ for assistance 602.698.8855 on or before June 30, 2022.
3. STO4KIDZ will prepare and submit a Contribution Approval Request to ADOR. (ADOR will only accept applications submitted by an STO such as STO4KIDZ).
4. ADOR will respond to the request form, and it will be approved if the cap has not been met. Otherwise, ADOR will place applications on a waitlist based on the order requests are received.
5. STO4KIDZ will notify your company of their approval the same day ADOR sends its approval, along with instructions. Your company has 20 days from its approval date to fund STO4KIDZ.
6. Once STO4KIDZ receives your contribution funds, ADOR will be notified and STO4KIDZ will provide your company a receipt to claim your tax credit.
7. Claiming your corporate tax credit: Please see forms (335-S / instruction) or (335 / instruction) to file and claim your tax credit.
FACT-SHEET (an overview of the Corporate Tuition Tax Credit program)
STO4KIDZ awards a minimum of ninety percent of every contribution in scholarships to eligible Arizona K-12 students twice a year, at the beginning of each semester.
We sincerely welcome and appreciate your support and participation in this most worthwhile program at no out-of-pocket cost to you.
Leave a Comment