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” (employee payroll tax) to redirect that liability into AAA Tax Credits. 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.
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 to the Nevada Department of Taxation or “NV DOT” on June 15th. For the 2021 cap year, a total of $16,271,800 of MBT credits will become available*. The cap year ends when all of the credits are claimed, or June 30th, whichever occurs first. For the 2020 cap year (which ends 6/30/2021), $3,192,467 of credits are still available.
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 Tax Credits on your quarterly MBT return. Note that this program has a 5-year credit carry-forward provision for unused 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