Tax payers are able to claim dollar for dollar tax credits in 2016 for donations made on or before April 17, 2017. For example, if a married couple contributes $800 on April 15, 2017 to a charity that qualifies under the Working Poor Tax Credit, they will qualify to receive an $800 tax credit (See Arizona Form 321) which may be applied towards their 2016 Arizona individual income tax. In addition, the married couple will still be able to claim the charitable donation as an itemized deduction in their 2017 federal income tax return.
A list of Arizona tax credits, including those available until April 17, 2017, is available on the Arizona Department of Revenue’s website: www.azdor.gov/Forms/Credits.aspx.
Laura M. Trujillo
Disclaimer: This blog is for information purposes only. Legal advice is provided only through a formal, written attorney/client agreement.