How does it work?
The Private School Tuition Organization Tax Credit allows any taxpayer with an Arizona income tax liability for 2005 to make a payment of $825 (married couple filing jointly) or $500 (single or head of household) to TEMPO (on behalf of Montessori International School) and receive a tax credit against your state tax obligation. This is a dollar for dollar credit against your Arizona income tax. You are giving money to the school for scholarships and this money is designated as a payment towards and against the state taxes you owe to Arizona.
How do I claim the credit?
The credit is claimed on the designated lines on your Arizona income tax return. The credit will benefit you only to the extent that you incur an Arizona income tax liability. If your tax liability is under $825 (or $500 for single or head of household filers), the excess credit will be carried over to the following year.
How do I make the payment?
The payment must be made before December 31 of this year. The payment must be made to a Qualified School Tuition Organization. We have the availability to make these donations or gifts to a Qualified School Tuition Organization - Tempe Montessori Parents Organization (TEMPO). Montessori International School will still be the beneficiary of the donated funds. We have enclosed forms with this information letter as to how to make your check out and where to send it. You can also send or drop off your check to Montessori International School and we can forward it to TEMPO.
What happens to the donations?
The money is used for scholarship tuition until all the allocated funds are expended. The fund will directly benefit a Montessori International School student during the school year.
What students will benefit from these donations?
In order for students to qualify for a scholarship to utilize the funds, an application for determination must be filed with TEMPO (Please contact the office to obtain the paperwork). The primary criteria for scholarships will be financial need.
What about matching funds?
You should be aware that many employers match this type of contribution. Please check with your human resource/benefits department at work. Please ask your fellow workers and employees to contribute also.
The credit/donation is a wonderful opportunity to support the school. Ask everyone you know to participate in this excellent opportunity to help our school and its students.