Yuma's Education Scholarship Fund for Kids, Inc.
Corporate Income Tax Credit
Corporate Tax Credit
Corporate donations are now being accepted by Yuma's Education Scholarship Fund for Kids, Inc. in accordance with the provisions of A.R.S. 43-1183. The Cap for the Fiscal Year 2009 is $17.28 million.
This credit is available to C Corporations. It is also available for S corporations if the S Corporation has liability. S corporations cannot pass this credit through to partners to be used on inidivdual income tax returns. The corporation can take the full state tax credit, but must check with it's accountant for the federal deduction amount.
A corporation may not recommend a specific student, but it can recommend a qualified private school. The Yes! Fund Board will review all qualified student applications and issue scholarships based on need and availability of funds.
Corporate Donation Process
1. The corporation must contact Yes! at (928)314-0033 to complete an Application For Approval (ADOR form 05-5529).
2. Yes! will then submit the application to the Arizona Department of Revenue via Express Mail.
3. AZDOR has 20 days to approve the contribution and notify Yes!
4. Yes! will notify the corporation of approval status, and the corporation then has 10 days to submit the contribution.
This credit is available to C Corporations. It is also available for S corporations if the S Corporation has liability. S corporations cannot pass this credit through to partners to be used on inidivdual income tax returns. The corporation can take the full state tax credit, but must check with it's accountant for the federal deduction amount.
A corporation may not recommend a specific student, but it can recommend a qualified private school. The Yes! Fund Board will review all qualified student applications and issue scholarships based on need and availability of funds.
Corporate Donation Process
1. The corporation must contact Yes! at (928)314-0033 to complete an Application For Approval (ADOR form 05-5529).
2. Yes! will then submit the application to the Arizona Department of Revenue via Express Mail.
3. AZDOR has 20 days to approve the contribution and notify Yes!
4. Yes! will notify the corporation of approval status, and the corporation then has 10 days to submit the contribution.
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