Our Nevada funders are companies who care about their community and desire the opportunity to partner with AAA Scholarship Foundation, and the low-income families we serve, in an effort to create a brighter future for all of our children.
The Nevada Educational Choice Scholarship Program allows any company that pays Nevada Modified Business Tax or “MBT” (employer payroll tax) to redirect that tax liability to AAA Scholarship Foundation. AAA then uses the proceeds to provide K-12th grade education scholarships for economically disadvantaged children. Companies receive a dollar-for-dollar tax credit from the Nevada Department of Taxation or “NV DOT” for their participation with AAA.
How does it work?
- Apply: We will provide you with a short tax credit application to complete and return. We will then submit it on your behalf to the NV DOT.
- Approve: The NV DOT will process your request and send the approval letter to us. We will send you a copy along with an invoice containing our remittance information.
- Earn: Your company will have 30 days to remit payment to AAA in order to earn your approved MBT credits.
- Claim: Your company will claim your earned MBT credits on your next quarterly MBT return. Note that this program has a 5-year credit carry-forward provision for earned but unused MBT credits.
When can I apply?
We are currently accepting applications for both 2021 and 2022 tax credits. Each annual Nevada tax credit application season (the “cap year”) opens on the first business day of July. We are allowed to begin submitting tax credit applications to the NV DOT on June 15th. The cap year will end when all of the credits are claimed, or the following June 30th whichever occurs first. Please contact our office for a tax credit application.
How much is available?
For the 2021 cap year, a total of $16,271,800* of tax credits became available on 7/1/21. As of 4/6/22, the NV DOT reports $5,515,489 still being available. For the 2022 cap year, we are projecting that $6,655,000 of tax credits will become available on 7/1/22.
Are there other tax credit programs like this?
Yes! Each AAA Tax Credit program has individual regulations determined by the laws of that state and the accountability guidelines of the AAA Scholarship Foundation. Please click on the link below to view details on participation in AAA’s Nevada Tax Credit Scholarship Program. Please click on the Funders tab above to access other AAA Tax Credit Programs.
Please contact our office at 888-707-2465 for information on reserving your AAA Tax Credits today!
*$6,655,000 of annual credits + $9,616,800 of bonus credits = $16,271,800 of total credits
AAA Tax Credits