The Arizona Military Family Relief Fund provides funds to help service members and their families faced with unforeseen expenses when a loved one becomes a casualty of war. Your donations to the fund may qualify for this tax credit. Donations to the fund will qualify for the credit if the total amount donated to the Arizona Military Relief Fund during the calendar year has not exceeded one million dollars. Once the total donations to the Arizona Military Relief Fund for the calendar year reach one million dollars you will not qualify for the credit. The determination of whether a donation will qualify for the credit is made on a first come, first served basis.
The Arizona Department of Veterans' Services will
provide you with a receipt that will let you know if your
donation qualifies for the credit. The Arizona Department
of Veterans' Services will also send a copy of that receipt
to the Arizona Department of Revenue.
The credit is $200 if single, $400 if married filing jointly, or the amount of the state tax you owe. It is a dollar-for-dollar reduction of your tax. You cannot claim a tax credit and an itemized deduction for your donation.
As of 10/01/2014 based on the Arizona Military Relief Fund's website, they have currently raised
$167,511.71.
To donate now Click Here
To learn more about the Arizona Military Relief Fund Click Here
Solar Credits:
As stated on the Arizona Department of Revenue's website,
Arizona law provides a solar energy credit for an individual
who installs a solar energy device in his or her residence located
in Arizona.
A solar energy device is a system or series of mechanisms
which collect and transfer solar generated energy and which
are designed primarily to:
Provide heating
Provide cooling
Produce electrical power
Produce mechanical power
Provide solar day lighting
Provide any combination of the above by means of
collecting and transferring solar generated energy into
such uses either by active or passive means, including
wind generator systems that produce electricity.
The solar energy credit for buying and installing a solar energy
device is 25% of the cost, including installation, or $1,000,
whichever is less. If you install another device in a later year,
the cumulative credit cannot exceed $1,000 for the same
residence.
Note: A taxpayer may claim a credit of up to $1,000 for a
second personal home. A taxpayer that claims a credit for
both a primary home and a second home is limited to a
maximum credit of $1,000 in the taxable year. To claim a
credit for a second home you must complete a second form
and add the two amounts together to claim on your return.
If the allowable tax credit is more than your tax or if you
have no tax, you may carry the unused credit forward for up
to the next 5 consecutive years.
To be eligible for this credit, you must be an Arizona
resident who is not a dependent of another taxpayer.
To read an Article about Arizona Solar Rebates and Incentives from CleanEnergyAuthority.com Click Here
For a list of Arizona Solar Panel Installers Click Here
FAQ's on the Residential Solar Energy Credit
We hope you have found this information useful and as always if you have questions please do not hesitate to give our office a call!
Sincerely,
Cheryl Wilson, EA, CFP®
CD Tax & Financial LLC
480-354-1040 Phone
480-354-1041 Fax
Cheryl@cdtax.com
