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« Desert Ridge 2Q 2005 Market Conditions | Main | Understanding The Market » Saturday, December 03, 2005Arizona Schools ECA Tax CreditWhat is the Arizona Extra Curricular Activity (ECA) Tax Credit? Arizona state law provides an opportunity for the majority of Arizona taxpayers to contribute money to local public or charter schools, and either subtract the amount from their state income taxes owed or add the amount to their state income tax refund. Couples filing jointly may donate up to $300 per couple and single filers may contribute up to $200. So in addition to receiving a dollar-for-dollar tax credit on your state income taxes, you can help local schools earn critical funding. And the best part - you even get to choose which Extra Curricular Activity/classroom your money goes to! If you want to donate to the football team, the drama program, or to your child's Photography Club, it's your choice! Westcor shopping centers will also contribute an additional $20 for maximum donations made to an Arizona public school through December 31st - up to $150,000 statewide. This gives each school an opportunity to raise up to $1,000 in matching funds. But in order for your donation to qualify for Westcor matching funds, you MUST attach the Westcor Extra Credit School form to your ECA contribution form. (See your local Arizona public school or visit any Westcor Shopping Center Guest Services desk for more information). Many Arizona employers also support Arizona education by matching funds on the ECA Tax Credit. Some of Arizona's employers that matched donations in 2004 are Motorola, Boeing, Wells Fargo, Bank of America, Wachovia, Washigton Mutual, Merrill Lynch, Medtronic, Alliant Techosystems, ATK, Jannett, Pfizer, Rogers Corporation, Washington Post Co., Honeywell and Intel. Check with your HR Department to find out if your employer matches donations, and be sure you include any necessary forms when you make your donation so the matching funds will be paid. This is a great opportunity for you to decide how your tax money is spent! Since most people will pay at least $300 in state income taxes anyway, this is a no brainer! You do NOT have to have a child enrolled in an Arizona public school to be eligible for this tax credit. So grandparents and those of you without children can donate too! Remember to donate to your child's school by December 31st. Let's support our kids by supporting Arizona's schools!
Posted by Shannon Hubbard, Arizona Real Estate Agent on December 3, 2005 | Permalink Comments
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