The Arizona Legislature has increased the credits for contributions to qualifying charitable organizations and for contributions to qualifying foster care charitable organizations for 2016.
- 2016, S1216, effective 08/06/2016 and retroactively applicable to taxable years beginning after 12/31/2015, increases the amount a taxpayer can claim as a tax credit for contributions made to a charitable organization and makes other changes.
New Arizona Credit Amounts for 2016
- Charitable credit for donations to qualifying charitable organizations: $400 individuals | $800 married couples filing jointly.
- Foster Care credit for donations to qualifying foster care organizations: $500 individuals | $1,000 married couples filing jointly.
- Most importantly, the Foster Care tax credit has been separated from the Charitable tax credit in 2016. Taxpayers may claim either credit or both in the same taxable year.
Previously both types of charities shared a total combined maximum credit limit.
The total of the two credits increased from $400 per individual | $800 per married couple in 2015 to $900 per individual | $1,800 per married couple for 2016.
This is excellent news for Arizona’s non-profits and taxpayers. For a list of qualifying charitable organizations for 2016, click here.
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