AAA Scholarship Foundation (AAA) is a 501 (c)(3) nonprofit organization and state approved Scholarship Organization (SO) that exclusively serves eligible low-income children through the Nevada Educational Choice Scholarship Program which allows any company that pays Nevada Modified Business tax to redirect up to 100 percent of its tax liability to AAA in order to fund K-12 education scholarships for eligible, low-income children. It costs you NO extra dollars – the legislature has made it possible for your company to earmark up to 100 percent of its state modified business tax liability to fund low-income student scholarships.
The process to enroll is very simple. Once you have determined an amount, contact the AAA team. As by law, we must submit the application to the NV DOT on your behalf. We will need your company’s name, EIN #, amount you wish to donate and contact information. We will send you a copy of the one-page application to approve before we submit to the NV DOT asking for approval for the credit. You may apply more than once for credits during the year for a maximum of 100 percent of your net state corporate income tax. If the program cap has not been met, the NV DOT will approve the request within 20 days. It’s important to remember that the approval process does not oblige you to remit the funds to AAA. It is merely a way for the DOT to ensure that the annual maximum ($11.4 million for 2022) in tax credits is not over-subscribed.
Once the NV DOT approves your request, we will send you a copy of the approval letter, a payment reminder and remittance instructions. You can remit that amount directly to AAA via check, wire or ACH. Payments must be made within 20 days of your DOT approval.
Once the remittance is received, AAA will promptly return an acknowledgement for each remittance (known as a Certificate of Contribution) to your company. It will list the name of the company remitting the funds, the company’s tax ID number, the amount of the remittance and the date of the remittance. Please remember that the payment must be made within 30 days of the DOT approval date. The company should retain the Certificate of Contribution in order to attach a copy to its tax return.
If the company determines that it has insufficient tax liability to take the full credit (amount remitted is greater than 100 percent of net tax liability), it may carry the credit forward for up to five years.
For a pdf of this donor summary, click here
For the Nevada Tax Credit Application, click here