Growing your Giving – Tax Benefits

Colorado Child Care Tax Credit

• Donors who give to specific Eagle Valley Community Foundation projects may be eligible to receive the Colorado Child Care Tax Credit.
• As a supporting program of licensed child care programs, Colorado taxpayers who contribute to Eagle Valley Community Foundation may be able to decrease the after-tax cost of gifts by more than 50%.
• Standard Limitations:
  • Credit is allowed at 50% of donation amount.
  • The credit allowed shall not exceed $100,000 per year.
  • The credit allowed shall not exceed the tax liability for the year.
  • Credits may be carried forward for up to 5 years.
  • Credit is not valid for stock transfers, in-kind donations or gifts made through a foundation or donor advised fund.

Colorado Homelessness Tax Credit

• Donors who give to specific Eagle Valley Community Foundation projects may be eligible to receive the Colorado Homelessness Tax Credit.
• Created by Colorado House Bill 2022 – 1083 (HB22-1083), the Colorado Homeless Contribution Income Tax Credit provides a tax credit to Colorado taxpayers that contribute to eligible homelessness related projects within Colorado. When taxpayers make a certified contribution, they can claim:
  • 25% of their donation (monetary or value of in-kind) as a state income tax credit if contributed to a qualified organization headquartered in a non-rural community.
  • 30% of their donation (monetary or value of in-kind) as a state income tax credit if contributed to a qualified organization headquartered in a rural community.
• Any Colorado taxpayer can support a Homeless Contribution Income Tax Credit project located anywhere in the State of Colorado. A taxpayer is an individual resident or an eligible domestic or foreign corporation, a partnership, S corporation, or other similar pass-through entity, and a partner, member, and subchapter S shareholder of such a pass-through entity.
• The taxpayer cannot directly benefit from the contribution. Cash contributions must be a minimum of $100. The total value of tax credits allowed per taxpayer per year may not exceed $100,000.

As with all charitable donations, please consult your tax specialist or accountant.