Arizona Form 140a - Resident Personal Income Tax Booklet - 2013 Page 4
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36Items of Interest, cont.
2013
Credit for Contributions Made to Certified School
Taxpayers who wanted to take advantage of this provision
Tuition Organizations indexed for Inflation
must have made the transfer by August 13, 2012, and filed an
amended federal income tax return to claim the deduction for
For 2013, the amount of the allowable credit for contributions
the IRA contribution by April 15, 2013. Individuals were
to certified school tuition organizations was adjusted for
required to amend their federal tax returns to receive any
inflation purposes. The maximum credit for single taxpayers
overpayment as a result of the qualified rollover(s). This
or heads of household is $514. For married taxpayers that file
provision was retroactive to tax years 2001 through 2011.
a joint return, the maximum credit is $1,028.
For more
information, see AZ Form 348.
Instead of conforming to the retroactive provision, any
taxpayer that would have received a refund of Arizona income
Refundable Credit for Qualified Facilities
tax for taxable years 2001 through 2011, if Arizona had
You may qualify for the refundable qualified facilities credit if
conformed to that retroactive provision, is allowed a
you expanded or located a qualified facility in Arizona. This
refundable income tax credit on his or her 2013 timely filed
credit is refundable in five equal installments. Pre-approval
income tax return. The credit is based on the amount of
and post-approval are required through the Arizona Commerce
refund you would have received if you amended your Arizona
Authority. Co-owners of a business, including partners in a
tax returns for taxable years 2001 through 2011. For more
partnership and shareholders of an S corporation, may each
information, see AZ Form 350. (Laws 2013, Ch. 65)
claim only the pro rata share of the credit allowed based on the
Voluntary Donation - Solutions Teams Assigned to
ownership interest. For more information, see AZ Form 349.
Schools (formerly known as Aid to Education Fund)
Refundable Credit for Qualified FAA Settlement
Laws 2013, Ch. 251 made various changes to the Arizona
Payments Rolled Over Into a Traditional IRA
Revised Statutes relating to school finance. A.R.S. § 43-617
Each year, Arizona determines whether it will conform to tax
was amended which resulted in a name change of the Aid to
law changes enacted by the federal government during the
Education Fund to Solutions Teams Assigned to Schools Fund.
previous year.
Contributions received through the voluntary donation check-
For 2013, Arizona did not conform to the retroactive provision
off box are transferred to the state board of education, which
of Section 1106 of Public Law 112-95 (the FAA
shall credit the amount of the contribution to the assistance for
Modernization and Reform Act of 2012) relating to payments
education fund. The state board of education will distribute
made by airline carriers to qualified airline employees (and
those contributions to the Department of Education to fund
surviving spouses).
solutions teams assigned to schools.
For federal tax purposes, under Public Law 112–95, a
qualified airline employee (and surviving spouse) who
received a settlement payment from an airline company in
bankruptcy was permitted to roll over that amount into a
traditional IRA.
An individual making such a rollover
contribution may exclude the contributed airline payment
amount from gross income in the taxable year in which the
airline payment amount was paid.
The provision would apply
whether or not the settlement payment had previously been
rolled over into a Roth IRA. The rollover to a traditional IRA
must have occurred within 180 days of the bill’s enactment
date of February 14, 2012.
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