l) Original Individual scholarship tax creditIndividuals may receive a tax credit of up to $593 and married couples may receive a credit of up to $1186 for donations to school tuition organizations (“STOs”). The STOs award scholarships to students whose parents have chosen to send them to a private school. Last year, this program provided over 25,000 scholarships to Arizona children.
2) Switcher AKA Overflow/PLUS (Private Learning Uplifting Students) credit
This additional tax credit program was enacted in 2012. The switcher or overflow/PLUS credit allows individuals to receive credit for up to an additional $590 donation to a school tuition organization – combined with the original individual scholarship tax credit for a maximum total credit of $1179 for donations to an STO. Married couples filing jointly can take a credit for up to an additional $1186 donation – for a total credit of $2365.
More families can be helped, that need scholarships to enable them to have Educational Choice.
Helpful Payroll Forms