PHOENIX — Public schools may face hard times as Arizona enters the new fiscal year, but private schools are seeing an economic windfall.
Less than a week into the new fiscal year, small businesses have already donated big under the new corporate tuition tax credit laws.
“The cap last year was 43-million dollars,” Kim Martinez with the American Federation for Children said.
“This year, we reached the cap of $52 million within three days.”
Martinez said, “Low income students, who have been stuck on school tuition organizations’ waiting lists, may now have the opportunity they’ve been dreaming for to attend a private school of their choice.”
The $9 million bump came after lawmakers passed a bill allowing small business corporations to receive the same dollar-for-dollar tax credit that large corporate donors have enjoyed over the years.
Although Arizona hit its new cap for the credits, Martinez said there was another tuition tax credit program under Lexi’s Law.
“Those dollars got to displaced and disabled students,” Martinez said.