For many Arizonans, the new tax cuts on federal returns will mean more money in their pockets. However, unless Arizona lawmakers update and reform the state’s income tax policies, the local citizenry may see their state income taxes increase.
A recent report by the Arizona Department of Revenue shows that our state will gain over $200 million in tax revenue based on the new federal tax changes.*
The state’s windfall will come from local taxpayers. However, if you currently maximize your Qualified Charitable Organization (QCO) tax credit donation of $400 (single) or $800 (married filing jointly/head-of-household) your donation is not costing you anything extra beyond your annual Arizona tax liability – and you’re helping local QCO’s like Hacienda Children’s Hospital in Mesa and Hacienda Skilled Nursing Facility in Phoenix.
If you didn’t maximize your donation in 2017, don’t worry, you still have until April 17, 2018 to take advantage of the credit. In addition, you can still take advantage of other Arizona tax credits by giving to your children’s school and to qualified foster care organizations. Thank you for choosing one of our many programs for your qualified tax credit donation. Your support makes a huge difference in the lives of the infants, children, and young adults entrusted to our care. For details on our programs visit www.HaciendaHealthCare.org.
*Source: Arizona Capitol Times | State analysis: fed tax law change means Arizonans pay more to state | By: Howard Fischer, Capitol Media Services | January 11, 2018 | https://azcapitoltimes.com/news/2018/01/11/state-analysis-fed-tax-law-change-means-arizonans-pay-more-to-state/