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Tax Credit Tuesday

Airdate: November 28, 2016
Tax Credit Tuesday is November 29, and is a day to learn about tax credits you can take advantage of before the end of the year to help an organization and your tax bill. Kris Jacober, executive director of the Arizona Friends of Foster Children Foundation, and Tim Leedy, director of business services for the Balsz Elementary School District, will talk about Tax Credit Tuesday and how their organizations can benefit from tax credits.

Guests:
  • Kris Jacober, executive director, Arizona Friends of Foster Children Foundation
  • Tim Leedy, director of business services, Balsz Elementary School District
Category: Education

Keywords: tax credits, education,

View Transcript
CATHERINE ANAYA: TAX CREDIT TUESDAY IS TOMORROW. IT'S A CHANCE TO LEARN ABOUT TAX CREDITS YOU CAN TAKE ADVANTAGE OF BEFORE THE END OF THE YEAR WHILE HELPING A FAVORITE ORGANIZATION. WITH ME TO TELL US ABOUT TAX CREDITS IN GENERAL AND TAX CREDIT TUESDAY IS KRIS JACOBER, EXECUTIVE DIRECTOR OF THE ARIZONA FRIENDS OF FOSTER CHILDREN FOUNDATION, AND TIM LEEDY, DIRECTOR OF BUSINESS SERVICES FOR THE BALSZ ELEMENTARY SCHOOL DISTRICT. THANK YOU BOTH FOR BEING HERE.

KRIS JACOBER: THANKS FOR HAVING US.

CATHERINE ANAYA: THIS IS THE TAX CREDIT TEAM’S TWIST ON GIVING TUESDAY TO HELP ARIZONA CHILDREN IN NEED BY THE SPREADING WORD ABOUT THE TAX CREDITS AVAILABLE AND ORGANIZATIONS THAT BENEFIT. YOU ARE BOTH PART OF THE TAX CREDIT TEAM. HOW DID THIS EVOLVE?

KRIS JACOBER: IT STARTED WITH A COUPLE OF ORGANIZATIONS WHO WERE TAX CREDIT ORGANIZATIONS. WE HAVE THE COMMON MISSION OF IMPROVING THE LIVES OF CHILDREN IN ARIZONA. WE ALSO REALIZE THAT THERE IS A LOT OF MISINFORMATION, JUST A LOT OF DISINFORMATION ABOUT TAX CREDITS, NOT ENOUGH INFORMATION ABOUT TAX CREDITS. THESE MEMBERS, THESE EIGHT ORGANIZATIONS --

CATHERINE ANAYA: HOW ARE THE EIGHT DETERMINED?

KRIS JACOBER: WE ASKED. WE SAID TO FOSTER CARE, TO WORKING POOR. THE EIGHT ORGANIZATIONS ARE COMMITTED TO COMMUNICATING WITH THE PEOPLE IN OUR DONOR BASE AND THE PEOPLE WE REACH ABOUT ALL OF THE TAX CREDITS AVAILABLE TO ARIZONA TAXPAYERS TO CREATE A BRIGHTER FEATURE FOR CHILDREN.

CATHERINE ANAYA: DOES IT SURPRISE YOU, TIM, THAT THERE ARE SO MANY ARIZONANS THAT DON'T KNOW WHAT TAX CREDITS ARE AVAILABLE?

TIM LEEDY: YES, I AM SURPRISED AT THAT BECAUSE THE PROGRAM HAS BEEN AROUND SEVERAL YEARS. IT STARTED OUT SLOWLY. IT CAUGHT ON A LITTLE BIT. I'M AMAZED THAT IT'S A ROBUST PROGRAM FOR ALL OF THE PUBLIC SCHOOLS AND ORGANIZATIONS OF WHY PEOPLE DON'T TAKE ADVANTAGE OF IT.

CATHERINE ANAYA: IT IS A WIN WIN. I WANT TO MENTION THE FOUR DIFFERENT STATE TAX CREDITS AVAILABLE. CHARITABLE ORGANIZATIONS, QUALIFYING FOSTER CARE ORGANIZATIONS, PUBLIC SCHOOL TAX CREDIT AND PRIVATE CERTIFIED SCHOOL TUITION ORGANIZATIONS. TELL ME HOW YOUR PARTICULAR ORGANIZATION WOULD BENEFIT. EACH OF THE TAX CREDITS IS A DIFFERENT AMOUNT. WHY THE DIFFERENT AMOUNT, FIRST OF ALL?

KRIS JACOBER: THAT WAS UP TO THE LEGISLATURE. IN THIS LAST LEGISLATIVE SESSION, THEY SEPARATED OUT FOSTER CARE, SO WE USED TO BE ALONG WITH THE QUALIFYING CHARITABLE ORGANIZATIONS, AT A SEPARATE CATEGORY RIGHT NOW, SO TAXPAYERS CAN GIVE TO ALL FOUR OF THESE.

CATHERINE ANAYA: WHICH I DON'T THINK THEY REALIZE. THEY FEEL THEY HAVE TO CHOOSE SOMETIMES.

KRIS JACOBER: YOU DON'T. YOU CAN GIVE TO ALL FOUR IF YOU HAVE THAT MUCH TAX LIABILITY. FOR ARIZONA FRIENDS, IT'S BEEN A GAME CHANGER. IT'S NO SECRET THERE ARE A LOT OF CHILDREN COMING INTO FOSTER CARE IN ARIZONA. FOR US, THE DEMAND ON WHAT WE DO, HELPING CHILDREN IN FOSTER CARE AND WE PAY FOR MUSIC LESSONS AND THAT KIND OF STUFF, MONEY RAISED HAS HELPED US KEEP UP WITH THE GROWING NUMBER OF KIDS COMING INTO FOSTER CARE. IT'S CRITICAL TO OUR MISSION.

CATHERINE ANAYA: THAT TAX CREDIT IS UP TO $500 FOR INDIVIDUAL, UP TO $1,000 FOR JOINT. LET'S GO TO THE SCHOOL TUITION ORGANIZATIONS FOR A SECOND. THOSE ARE DIFFERENT FROM WHAT YOU WOULD BENEFIT FROM.

TIM LEEDY: THAT'S CORRECT.

CATHERINE ANAYA: THAT IS -- WELL, TELL ME ABOUT THAT. HOW DOES IT IMPACT YOU AND WHAT TAX CREDIT IMPACTS YOU?

TIM LEEDY: OURS IS THE PUBLIC SCHOOL EXTRA CURRICULAR ACTIVITY TAX CREDIT. WE ARE SEPARATE FROM THE TUITION TAX CREDIT ORGANIZATION. THE PUBLIC SCHOOL TAX CREDIT FOR US IS USED PRIMARILY FOR CERTAINLY EXTRA CURRICULAR ACTIVITIES, BUT A LOT OF OURS IS FOR TUTORING, IN FACT THE MAJORITY OF IT GOES TO TUTORING. WE HAVE FIELD TRIPS TO MUSEUMS, AFTER SCHOOL CLUBS, MATH CLUBS, ROBOTICS CLUBS. ANYTHING EXTRA CURRICULAR THAT HAPPENS BEFORE OR AFTER SCHOOL, OUR KIDS TAKE ADVANTAGE OF THAT.

CATHERINE ANAYA: THAT PUBLIC SCHOOL TAX CREDIT BY THE WAY IS $200 INDIVIDUALS, UP TO $400 JOINT. PEOPLE CAN TAKE ALL FOUR CREDITS. DO THEY HAVE TO DO IT BY THE END OF THE YEAR OR DO THEY HAVE UNTIL APRIL 15TH.

KRIS JACOBER: THEY HAVE UNTIL APRIL 15H. AND THAT’S NEW FOR FOSTER CARE AND FOR OTHER QUALIFYING ORGANIZATIONS.

CATHERINE ANAYA: THAT'S SOMETHING THEY AREN'T AWARE OF EITHER. THEY FEEL THERE IS A RUSH TO DO IT BY THE END OF THE YEAR. HOW ARE YOU GETTING THE INFORMATION OUT?

TIM LEEDY: CERTAINLY THE TAX CREDIT TUESDAY INITIATIVE WE HAVE HAD HAS BEEN A PUSH. WE WOULD LIKE TO GET THE MONEY IN BEFORE THE END OF THE YEAR, CERTAINLY, SO WE CAN PROVIDE PROGRAMS FOR OUR STUDENTS, BUT THEY HAVE THE AVAILABILITY NOW AS OF THE LAW CHANGE OF THIS LAST YEAR, THEY HAVE THE AVAILABILITY TO CHOOSE, DO IT FOR THE TAX YEAR 2016, OR THEY CAN TAKE IT CLEAR UP TO APRIL 15TH FOR THIS AND PUT IT ON THE '17 TAX YEAR IF THEY SO CHOOSE.

CATHERINE ANAYA: WE ONLY HAVE A MINUTE LEFT. I WAS HOPING YOU COULD CLEAR UP FOR PEOPLE HOW IT DIFFERS FROM A DEDUCTION?

KRIS JACOBER: IT'S DOLLAR FOR DOLLAR. THE BEST THING I CAN TELL YOU, MY DAUGHTER MADE A TAX CREDIT DONATION. SHE DIDN'T HAVE MUCH MONEY. SHE SAID I NEED TO MAKE SURE I CAN RECOUP THIS. IF YOU HAVE TAX LIABILITY, YOU CAN WRITE YOUR CHECK TO THE STATE OR QUALIFYING ORGANIZATION, FOSTER CARE, PUBLIC SCHOOL, PRIVATE SCHOOL, AND IT REPLACES YOUR STATE TAXES DOLLAR FOR DOLLAR. YOU KNOW, IT GIVES OPPORTUNITY TO A WHOLE BUNCH OF KIDS THAT OTHERWISE WOULDN'T HAVE IT, AND IT GIVES TAXPAYERS THE OPPORTUNITY TO SAY, THAT'S WHAT I CARE ABOUT. THAT'S WHERE I WANT MY STATE TAX DOLLARS TO GO. THEY GET CREDIT FOR IT.

CATHERINE ANAYA: YOU MAKE A DIFFERENCE AND IT IS A WIN/WIN SITUATION. QUICKLY, IF FOLKS WOULD LIKE MORE INFORMATION THEY CAN GO TO TAXCREDITTUESDAY.ORG OR AZDOR.GOV/TAXCREDITS. THANKS FOR BEING HERE.

TIM LEEDY: THANK YOU.