Tax Credit for McNary School Take Advantage of the School Tax Credit
THE LAW: Arizona law (ARS 43-1098.01) allows taxpayers to receive a tax credit of up to $1,000 ($500 for married couples filing separately/$500 for individuals/$1,000 for married couples filing a joint return) for donations that benefit students in public schools. That’s not just a deduction, it is atax credit – it reduces what you owe in state taxes, dollar for dollar.
WHAT QUALIFIES FOR THE TAX CREDIT? By law, only donations to extracurricular activities that charge a fee qualify for the tax credit. Donations must be made out to the school district, but directed to a specific school. You may specify that your donation is a contribution that benefits all children, or you may designate it as a fee to cover the cost of a specific child’s participation in an activity.
HOW DOES IT WORK? It takes three easy steps
- Send a donation to McNary School District or visit McNary School
- Fill out a donation Form (Please be specific where you want your donations to go)
- Receive a receipt from the school district for your tax records