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Understanding Tax Credit Law Changes with Karin M. Smith

Gain insights into recent tax credit law modifications presented by Karin M. Smith. Learn what changed, what can be purchased, and how to determine amounts under the temporary and permanent adjustments. Discover reporting requirements and legal information. Get ready for the Afternoon Breakout Session for further discussions and Q&A.

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Understanding Tax Credit Law Changes with Karin M. Smith

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Presentation Transcript

  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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