With the passing of Senate Bill 1047, Arizona taxpayers will have the opportunity in 2012 to donate an additional $500 for single individuals and $1,000 for married couples under the guidelines of the “New” PLUS Tax Credit program.
Scholarships provided from donations that claim the additional (PLUS) credit are restricted to benefitting students that fit into specific categories that encourage school choice:
STUDENTS THAT BENEFIT FROM “PLUS” DONATIONS:
A. Students that attended a governmental primary or secondary school as a full-time student or attended a preschool program that offers services to students with disabilities for at least 90 days of the prior fiscal year and transferred from a governmental primary or secondary school to a qualified private school.
B. Enroll in a qualified school in a Kindergarten program.
C. Is the dependent of a member of the Armed Forces of the United States who is stationed in this state pursuant to military orders.
D. Received an educational scholarship or tuition grant under paragraph A, B or C above, and the children continue to attend a qualified school(s) in a subsequent year(s).
• The FIRST $503 donated to a School Tuition Organization (or $1,006 for married Arizona taxpayers filing jointly) must be claimed on Form 323 before the second (PLUS) credit can be claimed.
• The second donation of $500 for single taxpayers or $1,000 for married Arizona taxpayers filing jointly is eligible for an additional state tax credit and requires completing Form 348 to claim the credit. No credit can be claimed on a Form 348 until the maximum credit is claimed on the Form 323.
• Donors will need to disclose on the Donation Form the tax year(s) they intend to claim the credit(s).
A special meeting of the Arizona Student Tuition Organizations and the Department of Revenue is scheduled for the first week of May 2012 to finalize the process and procedures that support the new PLUS program.
IT IS ANTICIPATED THAT WE WILL BE ABLE TO PROCESS THE NEW “PLUS” DONATIONS ON OR BEFORE AUGUST 1, 2012