Donations to Waste Not remain eligible for the Arizona State Tax Credit
Late last week the U.S. Treasury and the IRS released proposed regulations that would change how the federal government treats donations to charitable organizations such as our that generate state tax credits.
With this proposed regulation, a state tax credit donation would no longer be allowed as an itemized deduction on your federal return. However, the dollar-for-dollar tax credit applied against your AZ state income tax liability continues in place as before and is more financially valuable than a deduction.*
We hope that our new and existing donors will also “continue in place” as we feed thousands of people and divert millions of unwanted food from local landfills.
As always, thank you for supporting Waste Not and the children, families and adults we serve right here in The Valley.
*Please contact your tax advisor for implications this change might have for your individual return.