The Tucson general office of New York Life Insurance Company was recognized as “champions for educational opportunity” by the University of Notre Dame last week.
A tax credit program put in place in Arizona in which insurance companies and C-corporations may receive a 100-percent tax credit upon contributing their state tax liability to certified scholarship granting organizations capacitated the company to make the $100,000 contribution to the Catholic Tuition Support Organization of the Diocese of Tucson.
The unique dollar-for-dollar tax credit program allows partnerships to flourish between corporations and the University of Notre Dame. Through the credit, companies are able to turn tax liabilities into investments that benefit the communities where they operate.
The Catholic Tuition Support Organization works with three Notre Dame Ace Academy (NDAA) schools in the Tucson area to facilitate funding for disadvantaged children from low-income families to attend reputable schools.
The Arizona tax credit initiative has allowed companies and communities to work together where they otherwise might not be able to. Three NDAA schools were able to take in 90 families through the tax credit program this year and they hope to secure even more money from insurance companies doing business in the state.
The Most Rev. Gerald Kicans, bishop of Tucson said in statement, “I think that it is wonderful that New York Life, a company literally in the business of risk management , is creating opportunities for at-risk children.”