steps to Donate
Before a tax credit may be claimed, corporate donors should identify their Arizona corporate income tax liability and determine whether they will be able to make a donation of at least $5,000. To be eligible for a tax credit, the donations from an S-Coproation must equal or exceed $5,000 total to the low income and/or the disabled and displaced scholarship funds. If the S-Corporation has tax liability of less than $5,000, the donation may be carried forward for future tax credits for up to 5 years (ARS 43-1089.04, 2, C.)
Before July 1st, the S-Corporation must complete Greater Arizona's corporate tax credit approval form detailing the donation amount, whether the donation is to the low-income or disabled/displaced fund, and optionally a preferred partner school.
On July 2nd, Greater Arizona will submit the corporate donation application to the Arizona Department of Revenue. We will further email you that day to confirm your donation. You will then have 20 days to donate via check to "Greater Arizona, Inc."
If the cap is not reached, the State will open an a second application cycle and we will repeat the same steps again until the state cap is reached.
When filing your Arizona corporate taxes, S-Corporation operators must file Arizona Form 335 as well as prepare Form 335-S for each shareholder or Form 335-P for each partner. All three forms are available under the "S-Corporation Forms Tab."