Corporate Tuition Tax Credits 2024: your company makes the difference!

Humans are a social species, which means we cannot survive by ourselves. We build relationships that are essential to our lives. We also organize those relationships so things can work. Look around and you will see how this is true. 

In this sense, companies are necessary structures in today’s society and create solid relationships, beneficial for the community in most cases. A symbiosis is created: people help companies and companies help people. 

As a business owner or manager, you can make a difference! 
Companies hold the power to improve things or help their communities.

There come times when businesses can help much more! In complying with their duties, such as tax filing, they can allocate a part of their spending to noble causes, such as education for children in need. 

The Arizona Corporate Tuition Tax Credits offer the opportunity to donate an amount of money and receive a tax credit for it! This strengthens the impact your business has on the community and represents a win-win situation. 

What is a Corporate Tuition Tax Credit? 

It is a way to encourage companies to file taxes while helping any charity of their choice in Arizona.   

By doing so, companies receive a dollar-for-dollar tax credit for every dollar they contribute and within the established limits. The managers or owners leverage their Arizona state tax liability to do so. 

Companies can participate in two separate corporate tuition tax credit programs through a qualified School Tuition Organization, such as Arizona’s CTSO. 

Corporations may choose between two different Corporate Tuition Tax Credits. Arizona’s CTSO is a federal non-profit organization and STO, certified by the Arizona Department of Revenue, which means we can help companies in this process. 

The two separate tax credit programs are 1) low-income scholarships and 2) displaced students or students with disabilities. They need different forms to apply for them (335 and 341, respectively). 

The following companies can benefit from Corporate Tuition Tax Credits: 

• Any “C” corporation with a tax liability to the State of Arizona.
• “S” corporations, regardless of tax liability, may redirect and pass a pro rata share of the credit on to the stockholders. 
• LLCs, taxed as “S” corporations for federal and state reasons, can donate.
• Insurance Carriers can redirect their insurance premium tax paid to the State.

Do you need some guidance with taxes and benefits? Check our Tax Credit 2023 quick guide and learn more about these programs.

Trust us: your donation truly matters!

Partnering with Arizona’s CTSO is a great decision. We can tell you why. 

Firstly, for us, charity is an important value, part of our own religious beliefs. We take it seriously, helping families that cannot afford to pay for a high-quality education. It is simply not fair children have to lose bigger opportunities because of this. 

We aim to help low-income families, which is why our corporate scholarships are 100% need-based. 

And we do not speak lightly of great education. Each of the schools we are associated with holds not only strong academics but also extracurricular activities which complement their formation. 

Besides, through faith-filled education, our students are instilled with useful values for life. Comprehensive education advances the chances to get a good life and enhances community life. 

Among those values, respect is one of the most important. Respect for life, for peers, for their teacher and their parents. We believe that community members, such as Arizona women who enormously contribute to our society, should be celebrated and recognized.

These are just a few reasons behind our long-standing relationship with companies. When they donate, we can act. And when we all act together, many people’s lives change!

CTSO and Arizona Corporate Tuition Tax Credits: facts and numbers

For more than two decades, Arizona’s CTSO and companies have built a fruitful relationship: around 175 million dollars have been invested in scholarships to over 95,000 students. 

Quite a lot of these students have encountered success in life thanks to our commitment to providing quality education for poor households. This, of course, would not have been possible without our donors, and generous companies.

We aim for excellence: 99% of the students receiving help from CTSO graduate from high school and 98% are college-bound.

Our operations can be summarized this way: in 2023, 95% of our spending went to finance our scholarship program, while 4% was allocated to fundraising events and only 1% was used for administrative costs.

Moreover, Catholic education has proven to be outstanding! These schools constantly get higher scores than the national average and hold the lowest drop-out rates in the country. 

We have a network of more than 50 Catholic private schools across Arizona. This way, we guarantee that deserving children and teenagers receive the best education possible with the help of businesses and individuals. 

A tax credit for companies and quality education for low-income, minority and at-risk students make a winning association! CTSO will fund other private schools in Arizona that are recommended by the donor.

In the end, by supporting educational ventures, corporations also benefit by preparing future workers and partners and favoring a climate of better opportunities for more people. Your relationship with CTSO is an outstanding testament to what can be accomplished when we maximize our reach to give the priceless gift of education. In Arizona’s CTSO, we are thankful. Contact us for any inquiry and let’s build a new partnership!

You don’t have or manage a company? No worries! There are other ways you can help. Click to read more about how you can donate to a charity in Arizona!