AZ HB2014

Increases aggregate tax credit caps for school tuition organization (STO) donations: $6 million for fiscal year 2021-2022, $10 million for 2022-2023, $15 million for 2023-2024, and $20 million for 2024-2025 and thereafter (previously capped at $5 million through 2020-2021).

Requires taxpayers to notify STOs of intended contribution amounts and obtain department of revenue preapproval before making donations to claim tax credits.

Allows preapproved contributions to be made within 20 days of receiving preapproval notification, with STOs required to notify the department of revenue if funds are not received within that timeframe.

Changes language in statute regarding scholarship/grant limits from "per cent" to "percent" and clarifies that grant amounts shall not exceed the cost of tuition or state aid amounts under title 15, chapter 9, article 5.

Maintains requirements that at least 90 percent of STO contributions go to educational scholarships or tuition grants for qualified students (those in foster care or with disabilities).