Re-Directing Corporate Tax Dollars for Kids
In preparation for the upcoming reset of the corporate donation caps (July 1, 2016), here is some important information:
- Corporate credit applications must be submitted by STOs (like APESF), not the corporation itself.
- The credit available is first come, first served, so APESF will submit applications as early as is humanly possible, beginning midnight July 1st.
- Due to the expected volume, it may take the ADOR a few days to process applications, but we will notify donors the same day ADOR notifies us of approval or denial.
- ADOR approval of an STO request does not constitute ADOR verification that the contribution meets all statutory requirements for a credit; that is the responsibility of the corporation.
- Once you receive notification that your application is approved, payment is due within 20 days, so it will be important that you are prepared to send a check immediately.
- The caps are as follows for FY1617:
- Low-Income: $61.917 million (Last year’s cap of $51.598 million was reached within days.)
- Disabled-Displaced: $5 million (Last year’s cap of $5 million was reached within a week.)
You can find more details about corporate donations here. You may submit your information to us at any time using the link below, and we will begin completing the new forms as soon as they become available in June. Please feel free to contact Jenny with questions at (480) 264-3023 or firstname.lastname@example.org.