Q: What is Arizona's Private School Tax Credit?
You can reallocate a portion of your Arizona income tax dollars to help children in your community
obtain a quality education. Since 1998, Arizona law provides a tax credit for contributions made
to School Tuition Organizations, like JETCO, which provide scholarships to private schools. When you send
your contribution to JETCO (up to the maximum amount), the State will provide you with a tax credit that
reduces your state income tax liability by the amount you contribute. This is a wonderful way to help students
in financial need at Jewish day schools at no additional cost to you. (top)
Q: How does this tax credit work?
When you make a contribution to JETCO up to $1,003 ($2,006 for married copule filing jointly), your state income tax liability is reduced DOLLAR FOR DOLLAR by the amount of your contribution. Depending on your tax liability, you will
either receive the money back in a refund, reduce the amount you owe to the state, or carry over any excess tax credit to the following year(s). Your contribution to JETCO is money you would have to pay in
taxes anyway, so it is not an out-of-pocket donation. You are redirecting your tax dollars to
support the private schools of your choice. (top)
Q: Who can make a contribution to earn the tax credit?
A: You can! Anyone who pays Arizona state income tax is eligible. (top)
Q: Which schools are JETCO beneficiary schools?
A: Congregation Anshei Israel Esther B. Feldman Kindergarten, Tucson Hebrew Academy, Tucson Jewish Community Center Kindergarten, and Temple Emanu-El Olga and Bob Strauss Center for Early Childhood Education and Kindergarten. (top)
Q: How much of my contribution goes for scholarships?
A: At least 90% of all contributions collected each year go toward scholarships for students in financial need. (top)
Q: What is the maximum amount I can contribute in a year?
A: $2,006 is the maximum tax credit for married couples filing jointly. $1,003 is the maximum tax credit for single, head of household and married filing separate filers.(top)
Q: May we contribute less than the maximum amount?
A: Yes, lesser contributions are always welcome. (top)
Q: What if I contribute more than my tax liability?
A: The portion of your tax credit that exceeds your tax liability can be carried foward up to five (5) years. (top)
Q: Do I have to have children enrolled in one of the beneficiary schools?
A: No. Any Arizona state taxpayer can make a contribution to JETCO for a tax credit. (top)
Q: How do I apply for a scholarship for my child to attend one of the schools?
A: You may obtain a standardized financial aid packet directly from each school. Scholarships are awarded
based solely on financial need. (top)
Q: Can my contribution to JETCO be designated for a specific child or school?
A: No. All contributions go into one fund. The monies are later distributed to JETCO's four
beneficiary schools to provide scholarships to students in financial need. (top)
Q: Where can I find more information about Arizona's Private School Tax Credit?
A: You can learn more about Arizona's Private School Tax Credit (ARS 43-1089) by visiting the Arizona
Department of Revenue's website at www.revenue.state.az.us. (top)
Q: Is my contribution also eligible for a federal income tax deduction?
A: JETCO is a 501(c) 3 charitable organization, EIN 86-0953552. Please consult your tax adviser to
find out how this deduction may apply to you. (top)
Q: How do I contribute to JETCO to earn my tax credit?
A: Making a contribution and getting your tax credit is easy! You can make your contribution directly on-line at https://www.jetco.org/contribute.php (or call 520-647-8442). You can choose to pay now, make monthly payments, or have your credit card charged on the date your choose (up to April 15, 2013). You will be sent an acknowledgment of your gift for tax return documentation purposes. (top)
Q: Which Arizona state income tax form do I use to claim my tax credit?
A: Form 323 (the "Original" Individual Tax Credit) and Form 348 (the "Switcher" Individual Tax credit) are available from the Arizona department of Revenu. http://www.azdor.gov/(top)
Q: Can I also make contributions and receive other Arizona tax credits as well?
A: You can also receive additional tax credits for contributions made to a Public School and for the Working Poor Tax Credit.
Two other agencies in the Tucson Jewish community that benefit from tax credits are Handmaker Jewish Services for the Aging
(Hillel Levy at 322-3632) and Jewish Family and Children Service of Southern Arizona (Moniqua Lane
at 795-0300, ext. 2283). (top)
Q: What is a matching gift?
A: Certain companies will match the contribution that their employees make to then double the amount of funds available
for scholarships. Please ask your employer if they have a matching gifts program. The program will provide
you with the proper forms and instructions. (top)
Q: Whom do I contact if I have additional questions?
A: Please feel free to call (520) 647-8442 or email email@example.com if you have any questions. (top)