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 liability to AAA Scholarship Foundation. AAA then uses the proceeds to provide K-12 education scholarships for economically disadvantaged children. Companies receive a dollar-for-dollar tax credit from the state of Nevada for their participation with AAA.
The annual Nevada tax credit application season (the “cap year”) opens on the first business day of July. We are allowed to begin submitting applications for credits (on behalf of donors) to the Nevada Department of Taxation or “NV DOT” on June 15th.
For the 2021-22 cap year, a total of $16,271,800* of MBT credits became available on 7/1/21. As of 8/11/21, the NV DOT reports $8,597,088 still being available. The cap year will end when all of the credits are claimed, or 6/30/22, whichever occurs first.
AAA must submit the tax credit application on your behalf to the NV DOT. Upon approval, your company has 30 days to remit payment to AAA in order to earn your approved Tax Credits. Finally, you claim your earned MBT credits on your quarterly MBT return. Note that this program has a 5-year credit carry-forward provision for unused MBT credits.
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 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