Give the gift of opportunity that costs you nothing.Through the Tuition Tax Credit program, taxpayers in Arizona can choose to allocate a portion of their state tax obligation to support need-based financial aid at St. Gregory College Preparatory School. Married taxpayers filing jointly may contribute up to $1,000. Married taxpayers filing separately and single taxpayers may contribute up to $500. Contributions are made to the Arizona Independent School Scholarship Foundation (AISSF) and designated to St. Gregory. Your contribution may be deducted, dollar-for-dollar, when you file your tax return.

Contributions must be received by December 31st to be eligible for a deduction on your 2008 taxes.

Tuition Tax Credit Frequently Asked Questions

What is a tuition tax credit?
The Arizona Tuition Tax Credit Law (ARS 43-1089) provides for a tax credit against state income tax obligation to any Arizona taxpayer for payments made to a qualified School Tuition Organization (STO) that provides scholarships or grants to students in qualified private schools. Married couples filing jointly may contribute up to $1,000 each year; taxpayers filing singly may contribute up to $500.

Since this credit is dollar for dollar, your contribution costs you nothing. For example, if you currently pay $5,000 in state income tax and contribute $1,000 to AISSF, you will only owe $4,000 in state taxes.

What is AISSF?
The Arizona Independent School Foundation (AISSF) is a School Tax Credit Organization recognized by the state of Arizona as a foundation eligible to accept tuition tax credit donations. The foundation distributes tax credit revenue for need-based financial aid at its member schools (St. Gregory College Preparatory School, Green Fields Country Day School, and Phoenix Country Day School).

How much of my contribution will be used for financial aid?
State law requires that 90% of an STO’s annual revenue be distributed for financial aid. AISSF is committed to doing even better, consistently distributing more than 93% of its annual income.

Can I also give to a public school or do I have to choose?
You may give to both! These are separate credits, so you can give $1,000 to AISSF and $400 to a public school of your choice. If filing singly, you may allocate $500 to AISSF and $200 to a public school.

How do I claim my tax credit?
AISSF will send each contributor a receipt.  St. Gregory will send you Arizona forms 301 and 323. Claiming the credit is easy – just fill out forms 301 and 323 with the amount of your contribution and file them with your state tax return.

What is the difference between tax deduction and a tax credit?
A tax credit is more beneficial than a tax deduction. A credit reduces your Arizona taxes dollar-for-dollar, while a deduction reduces the taxable income upon which your taxes are calculated.

Can I claim both a federal deduction and an Arizona tax credit for the same contribution?
Yes! AISSF is a charitable 501(c)(3) organization, therefore you may be able to claim your contribution as an itemized deduction on your federal income tax return. Please check with your tax preparer for details.

Can I designate my payment to go for financial aid to support a specific student?
No. Under the law, a parent or guardian cannot designate his or her own dependent and still qualify for a tax credit. In addition, AISSF does not accept specific student designations; instead, all contributions are applied to need-based financial aid at member schools. However, you may designate your contribution specifically to St. Gregory.

How do I make my contribution?

Click here to give on line now.

By Check – Make Checks Payable to AISSF/STG. Please include your address and phone number and send them to:

AISSF
c/o St. Gregory College Preparatory School
3231 N. Craycroft Rd.
Tucson, AZ 85712

By Credit Card – Call Robin Evans (520) 327-6395 ext. 212

Contributions must be received or postmarked by December 31st to be eligible for a deduction on your 2008 taxes.