Community Investment Tax Credit Program

Community Investment Tax Credit Program

http://www.justastart.org/wp-content/uploads/2016/06/JAS-Progress-Toward-2016-Goals-January-2017.pdf

JAS has a wonderful opportunity for all donors: the Community Investment Tax Credit (CITC) program which provides a 50% refundable state tax credit to donations of $1,000 or more to JAS. JAS has been awarded $125,000 in tax credits for 2017.

Your donation will have a huge impact on the community improvement work that JAS does every day because for every donation over $1,000, you will receive 50% back in the form of reduced state taxes (or a refund from the state). You may also be able to take a federal deduction on your donation.

CITC benefits to donors:

  • Considerable tax savings.
  • If the tax credit exceeds your state tax liability, the state will send you a refund.
  • Individuals, foundations, corporations, and other nonprofit organizations can take advantage of the CITC.

Examples of tax savings in 35% bracket for annual donations:
(Situations vary, please consult your financial advisor.)

Initial Donation Amount $1,000 $2,500 $5,000 $10,000 $25,000 $50,000
Less: Community Investment Tax Credit (State tax) $500 $1,250 $2,500 $5,000 $12,500 $25,000
Less: Federal Tax deduction (35%) $350 $875 $1750 $3,500 $8,750 $17,500
Equals total tax savings of $850 $2,125 $4,250 $8,500 $21,250 $42,500
Final out of pocket cost to donor $150 $375 $750 $1,500 $3,750 $7,500

Click here to donate now! 

For more information on the Commonwealth of Massachusetts’ CITC program please visit: http://www.macdc.org/community-investment-tax-credit or http://www.mass.gov/hed/community/funding/community-investment-tax-credit-program.html

For more information about JAS’s CITC program, please contact Kathleen Carney, Director of Development, at kathleencarney@justastart.org or 617-918-7558