March 7, 2023
JFL and the Arizona CTC Program
Originally published by Jewish Phoenix.
Thanks to the Arizona Charitable Tax Credit program, Arizona residents can use the power of their wallets to support organizations they feel most connected to.
The Arizona Charitable Tax Credit (AZCTC) is a dollar-for-dollar tax benefit that allows Arizona residents to reduce their state tax liability for each dollar donated to a Qualified Charitable Organization (QCO).
The purpose of the Charitable Tax Credit is to allow taxpayers to direct where their hard-earned dollars are spent. Arizona residents can redirect their tax liability to Qualified Charitable Organizations they feel benefit the community, rather than the state’s general fund. This system allows Arizona taxpayers to have more power and voice in how their tax dollars are utilized. Prior to 2023, taxpayers could contribute up to $800 for married couples filing jointly and up to $400 for singles or married couples filing separately. However, for the 2023 tax season those numbers have been increased to $421 for singles or married couples filing separately and $841 for married couples filing jointly. This increase is due to the rising cost of living. Contributions can be split into different amounts and dispersed to multiple organizations. Once the credit is claimed, the state tax liability is reduced, dollar-for-dollar. To find out more about how the AZCTC works and how much you can contribute, consult your tax professional.
Qualifying Charitable Organizations must go through an application process and meet certain criteria to be recognized. A few of those requirements are: organizations must provide services to meet immediate basic needs, serve Arizona residents in low-income households, and spend at least 50% of their budgets on qualified services to qualified Arizona residents.
Jewish Free Loan does that and so much more. Since June 1, 2022, we have distributed nearly 90 loans totaling $634,442 to the community. Our interest-free loans help pay for utilities, put food on the table, assist with necessary home repairs (like AC units and heaters), and prevent eviction for Jewish families and individuals in Arizona.
By making a CTC contribution to JFL you support us in our mission to provide interest-free loans for Arizona’s Jewish community. Contributions can be made at www.bit.ly/CTCJFL.