State of Arizona extends Tax Credit Deadline to May 17thApril 6, 2021
Action Pages Are LiveDecember 1, 2021
Due to the situation in our Arizona public schools, thousands of our children have now had to enroll in a school choice option so their educational needs can be met. This has resulted in many private schools having long wait lists as the private schools work to make room for as many students as possible, while maintaining their stellar student–teacher ratios. These private schools focus on keeping education about the individual child, which is very much needed in today’s world.
Here at IBE, we are finding that the majority of new applicants are coming from low-income families. This means, now more than ever, we need to put children first by providing the best education possible. While the tax credit season is over for individual taxpayers, it is just ramping up for eligible businesses to truly be able to impact our state by choosing to take control of their state taxes. Arizona Private School Corporate Tax Credit Programs significantly help private education and at no cost to the business. Eligible Arizona businesses are:
- Insurance Companies that pay premium taxes in Arizona
- LLCs that file taxes as an S-Corporation
S-Corp owners are often surprised that they are eligible for this program, because as an entity, they do not pay taxes. With this program, an S-Corp can literally pay for a shareholder's personal state tax liability! That is correct……the business pays the shareholders/owners’ personal state tax liability! Please take a few moments to watch this video for more insights into Arizona Corporate Tax Credit Programs and the extreme need in our state. The process to utilize these tax credits takes less than five minutes. IBE makes the process simple.