Community Investment Tax Credit Program
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 was awarded $100,000 in CITC tax credits for 2015 and again for 2016.
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|
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 firstname.lastname@example.org or 617-918-7558