National Bank of Arizona Launches $400,000 Tax Credit Challenge for Arizona Taxpayers

National Bank of Arizona has launched a $400,000 challenge match to first-time contributors Catholic Education Arizona.

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“National Bank of Arizona has been tireless in its commitment to invest in quality education and our low income school families." - Alan Sears, Chairman of Catholic Education Arizona

Phoenix, AZ (PRWEB) January 31, 2014

National Bank of Arizona, the 2013 “Guardian of Hope” Award recipient for Corporate Philanthropy from the Diocese of Phoenix Catholic Schools, announced Wednesday at a statewide rally at the Arizona State Capitol in support of Catholic Schools Week that the bank is offering a $400,000 corporate matching gift. The bank hopes that this matching gift will be leverage to generate an additional $400,000 in individual tax credit gifts to benefit students from low-income families—an increase from the bank’s $250,000 challenge last year.

The gift-match applies to all first-time donors to Catholic Education Arizona, a 501(c)(3) charity and the state’s largest school tuition organization (STO), which uses private education tax credits to create scholarships based on financial need. Half of the 12,350 students in K-12 diocesan schools qualify for and receive aid from the charity.

“National Bank of Arizona has been tireless in its commitment to invest in quality education and our low income school families have been tremendously blessed by their support,” said Alan Sears, Board Chairman of Catholic Education Arizona. “The economy has been difficult on families and businesses alike for the past several years, yet even through tough economic times National Bank of Arizona continues to deliver for our neediest students.”

The match runs from January 29, 2014 until April 15, 2014 (11:59 pm), with the following terms and conditions:
1) It is available to first-time individual gifts of any amount, up to $1,031 (single) or $2,062 (married)
2) Qualified gifts will be matched dollar-for-dollar on a first-come/first-served basis, up to $400,000 total
3) Donors may give to the General Scholarship Fund or designate Catholic school(s) of their choosing
5) Scholarships are restricted to students who meet corporate tax credit eligibility requirements in 2014/15

A state tax credit extension allows individuals to make a Tax Year 2013 contribution to Catholic Education Arizona through April 15, 2014, enabling taxpayers to wait until they calculate their taxes to determine how much of their state tax liability they wish to redirect to fund scholarships. Contributions of up to $1,031 per taxpayer ($2,062 for married filers) can be taken as a dollar-for-dollar credit against what the taxpayer would otherwise pay the state. Contributors also receive a 2014 federal tax deduction for their charitable gift, providing an even greater tax benefit.

Information about the gift-match and about how tax credits work can be found at CatholicEducationArizona.org or by contacting Chris Tawney, Vice President of Development, at 602-296-4738 or ctawney(at)ceaz(dot)org.

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