The IRS, on Thursday, August 23, issued proposed regulations that will disallow federal charitable tax deductions for certain state tax credit donations received after this Monday, August 27, 2018.
If you itemize your federal taxes this may impact the deductibility of your tax credit support for Boys & Girls Clubs of Greater Scottsdale through the Qualifying Charitable Organization Tax Credit and the Qualifying Foster Care Tax Credit.
This will not affect your Arizona state taxes. Please consult your tax advisor with any questions.
Thank you for investing your Arizona Tax Credit in helping local youth, especially those who need us most, to reach their full potential.
Receive a dollar-for-dollar credit on Arizona state taxes, up to $400 for individuals and $800 for joint filers for the Qualifying Charitable Organizations Tax Credit and up to $500 or $1,000 for the Qualifying Foster Care Organizations Tax Credit. The Credits are independent of one another and the state of Arizona allows you to claim the full amount for both as separate credits. Although these gifts will cost you nothing, for our kids it’s priceless.