Monica Stern, a Phoenix accountant who represents several religious schools, said she alerted the Center for Arizona Policy about the new interpretation because she was worried some of her clients would be put out of business. Stern said one school faced a tax assessment of $25,000, while a larger school could owe $100,000 under the revamped policy."Religious schools are not very profitable," she said. "Most of them don't pay rent to the church. They are educating children on the church campus typically, and they are all struggling."
Arizona Weighs Unemployment Tax Break For Churches
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.