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“C” and “S” corporations with an Arizona income tax liability or insurance companies with an Arizona premium tax can redirect their tax liability and receive a dollar-for-dollar tax credit.

Corporate Income Tax Credit Application

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Is there any limit to the amount of money a single corporation can donate for a tax credit?

Yes and no. There is a limit to how much corporations can donate in total each fiscal year for a tax credit. However, one corporation could donate the entire tax credit amount available.

Can a corporation direct its donation to the benefit of a particular school?


Can a corporation direct its donation to benefit a particular student?


Can an S corporation (S-corp) participate in this tax credit?

Yes. The S-corp (as defined in section 1361 of the Internal Revenue Code) can either claim the credit against income taxes at the corporate level (income tax reported on an Arizona 120S corporate income tax return) or it may make an irrevocable election to pass the credit through to its individual shareholders. The S-corp must make a minimum aggregate contribution of $5,000 within their taxable year in order to pass the credit through to its shareholders.

Can an LLC participate in this tax credit?

LLCs that are taxed as S-corps for federal and state purposes are eligible to make a donation for a tax credit and pass the credit through to the individual shareholder. An LLC that is treated as a partnership can only pass the credit through to corporate partners not individual partners.

ARS 43-1603 (C) NOTICE A school tuition organization cannot award, restrict or reserve scholarships solely on the basis of donor 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. EIN: 88-3970677