ARIZONA TAX CREDIT
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The Arizona Tax Credit allows individuals and couples to make a contribution to a “Qualifying Charitable Organization,” including Reigning Grace Ranch, and direct where your tax dollars are spent while supporting Arizona foster kids and rescued horses. Anyone who pays Arizona state taxes, whether you itemize or not, single or married, can qualify for the Tax Credit of up to $800 for couples filing jointly or $400 for individual taxpayers.
Taking advantage of the tax credit allows you either to increase the amount of refund you receive from the state or decrease what you owe to the state. It also allows a say in what your tax payment actually does.
The tax credits that Arizona has made available are extremely generous,” said CPA Randy Wagner. “By offering these credits, they’re essentially saying that you – the taxpayer – can decide how and where your tax dollars are spent. It’s like making a free donation and you don’t even have to itemize your taxes to get them. Plus, all of these credits can be claimed together, so you can give donations to eligible organizations across the board and get them all back on your return.”
Note: A credit is possible only if you have an Arizona income tax obligation and if the credit claimed is less than your Arizona tax obligation. If the credit claimed is more than your current year Arizona tax obligation, the unused credit may be carried forward up to 5 years.
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For more specific information on the Arizona Tax Credit, consult your tax advisor or the Arizona Department of Revenue at (602) 255-3381. Or, go online to: Arizona Department of Revenue