Tac credit 2016
Taxes. Hardly a word that evokes a warm, fuzzy feeling for the majority of folks. This is the time of year that citizens start to gather all of their receipts, W-2's, 1099's, interest payments, investment gains/losses, and everything related to their prior year's personal financial picture. Then the anticipation rises as they wait with baited breath to hear the verdict from the accountant (or TurboTax)…will they owe more income taxes, or receive a refund?
For many Lake Havasu City residents, the Extra-Curricular Activity for Public Schools tax credit has helped to ease that anxiety, at least to some extent, by reducing individual state tax liabilities dollar-for-dollar. Since 1999, this tax credit program has allowed everyone who files State of Arizona income taxes the opportunity to allocate from $200-$400 of their tax obligation to the public school and extra/co-curricular activity of their choice. In essence, this gives taxpayers the chance to know exactly where their tax is being spent, and who benefits from it…our local public school students! It is no secret that Arizona's public education system has seen challenging funding times at the state level. This tax credit has kept athletic programs, the arts, full day kindergarten, career/vocational/tech clubs and more from becoming obsolete and impossible to sustain in LHUSD #1. Instead, due to the tremendous support of the tax credit program, these programs continue to thrive in Lake Havasu City!
For the past ten years, LHUSD #1 has received in the range of $500,000-$550,000 per calendar year, and has sustained a tax credit program that is literally the envy of many public school districts in Arizona. In 2015, the Arizona legislature voted to extend the deadline for contributions to public schools. Instead of the December 31st cutoff date, taxpayers now have until the standard tax filing deadline of April 15th to contribute to the school & activity of their choice and claim the credit on the prior year's taxes. This change in legislation, along with the outstanding, unwavering support of the LHC accountants and tax preparers, resulted in a record setting year in tax credit collections for LHUSD.
During the calendar year (January 1-December 31) of 2016, citizens contributed—drum roll, please—$696,363.48! Every penny of these contributions went to support student clubs, activities, and enrichment programs occurring outside regular classroom hours at LHUSD. We would like to take this opportunity to thank all of the people who graciously contributed to the tax credit program during the calendar year of 2016—you are amazing, and we are beyond grateful. You are appreciated by the students and staff more than you can know.
If you have not yet contributed, remember that you now have until April 15th to do so and receive that dollar-for-dollar reduction in your state tax liability. If you have questions or need more information, please contact Judy McClintock at 928-505-6917 or email@example.com.