Two Arizona bills (SB1216 and SB1217) have made significant changes to the Qualifying Charitable Organization and Foster Care Charitable Organization tax credits for 2016.
The allowable credit made to Qualifying Charitable Organizations has increased from $200 to $400 for individuals and from $400 to $800 for married couples. The allowable credit made to Foster Care Charitable Organizations has increased from $400 to $500 for individuals and from $800 to $1,000 for married couples. These credits are now independent of each other. Contributions for one of the credits will no longer affect the allowed credit to the other.
The deadline to make the contributions for the credits has been extended to April 15th of the subsequent year. All of these changes were made after and are retroactive to January 1, 2016.
If you have any questions about these changes or any other tax questions, please give us a call at 928-778-0079.
Schutte & Hilgendorf is a leading Prescott CPA firm, offering superior client service to individuals, small businesses, non-profit organizations, and homeowners associations.
Our services include accounting, bookkeeping, audit, review, tax return preparation, tax planning, payroll and QuickBooks consulting. We are located in Prescott and serve all of Yavapai County, and Northern Arizona.