ADOR Releases Updated STO Manual
The Arizona Department of Revenue recently released an updated version of the STO Manual this June. The update includes some new clarifications and changes:
- A new format for the Annual Report with additional disclosures by family income level;
- A change to the April due date for accepting donations for the previous tax year (if the tax deadline has been extended, ADOR can also extend the donation acceptance deadline);
- Clarifications on the website disclosure requirement of scholarship data by family income;
- The audit or review can now be sent by email (to DOROERA@azdor.gov);
- Clarifications on ESA money and home school eligibility for switcher and corporate scholarships;
- Guidance on how credit card processing fees should be reported (as part of the 10% administrative costs); and
- Clarifications on the pass-through of the credit taken by S-Corporations to shareholders.
Due to these significant changes, all STO administrators should read the manual closely each year (changes from the prior year manual are highlighted in gray). |
|
|
Tax Year 2017 STO Tax Credit Amounts Released
ADOR has released the individual tax credit amounts for the 2017 tax year. The combined 2017 maximum tax credit amounts of $2,177 Married Filing Joint and $1,089 Single are as follows:
Married Filing Joint:
Original Tax Credit: $1,092
Switcher Tax Credit: $1,085
Single:
Original Tax Credit: $546
Switcher Tax Credit: $543
The total low-income corporate tax credit donation limitation for fiscal year 17/18 will be $74.3 million, an increase of $12.4 million over the 16/17 fiscal year cap. The limit for all corporate disabled/displaced program tax credit contributions remains consistent at $5 million per year.
|
|
Update Your GuideStar and Charity Navigator Profiles
Donors like to know that their donations are going to the programs they support, so more and more are doing research on sites such as Guide Star and Charity Navigator. GuideStar.org allows you as a nonprofit to update your organization's profile with up to date information for your potential donors to consider. You should update this information regularly and you can update it for free here. You can also request changes or updates to your organization's profile on Charity Navigator. Since this is an opportunity for potential donors to see all the good that you do, you will want to make sure your mission statement and program information reflect your organization's strengths. |
|
|
|
