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Tax Credit Law Changes

Tax Credit Law Changes. Presented by: Karin M. Smith. What Changed ? TEMPORARY CHANGE. Public School Tax Credit Contributions 50% of undesignated, unencumbered balances can be used for ‘soft capital like’ items Calendar Year vs. Fiscal Year Balance as of 12.31.2010.

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Tax Credit Law Changes

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  1. Tax Credit Law Changes Presented by: Karin M. Smith

  2. What Changed?TEMPORARY CHANGE • Public School Tax Credit Contributions • 50% of undesignated, unencumbered balances can be used for ‘soft capital like’ items • Calendar Year vs. Fiscal Year • Balance as of 12.31.2010

  3. What can be Purchased? TEMPORARY CHANGE • Short Term Capital Items include: • Technology • Textbooks • Library Resources • Instructional Aids • Pupil Transportation Vehicles • Furniture and Equipment

  4. How to Determine Amount:TEMPORARY CHANGE • Identify unspent balance as of 12/31/2010 • Determine unencumbered amount • Calculate 50% of above amount • Reduce the unencumbered amount by amount of designated funds

  5. How to Undesignate FundsPERMANENT CHANGE • Unspent designated tax credit dollars can be reclassified as undesignated contributions the following fiscal year IF: • The program has been discontinued • The program has not been used for two consecutive fiscal years • The site council can then determine how the contributions are used

  6. Reporting Requirements: • Original reporting requirements continue (February 28th of each year) • New report must be submitted by September 1 of the year • Total unencumbered contributions received for FY 2010 • Total amount of capital items purchased by category for the reporting year

  7. Legal Information • Effective July 20, 2011 • Laws 2011, Chapter 195, section 4 • A.R.S. §43-1089.01 • A.R.S. §15-719

  8. Afternoon Breakout Session • Additional discussion and questions will be answered during the afternoon breakout session

  9. Contact Information • Karin Smith • Consulting Manager • karins@heinfeldmeech.com • (602) 277-9449 ext 327

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