The CDC/BAC is an equal opportunity lender, employer and provider. In accordance with Federal law and US Department of Agriculture policy, this institution is prohibited from discrimination on the basis of age, color, disability, family/parental status, national origin, race, religion, sex, gender identity (including expression), sexual orientation, marital status, income derived from public assistance programs, political beliefs, or reprisal or retaliation for prior civil rights activity in any program or activity funded by USDA.

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23 West Main Street  ·  Ware, Massachusetts 01082

 

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How you can help!

The Quaboag Valley Community Development Corporation (QVCDC) was awarded Community Investment Tax Credits (CITC) for 2016. Individuals, corporations, and non-profit organizations can invest in these credits and receive a state tax credit as well as a federal tax deduction. The CITC provides a 50% state tax credit for donations to qualified CDCs. It’s designed to leverage private contributions in order to support a broad array of community development efforts as determined by the local community. Contact us about making a donation to the QVCDC.


How does it work?

The Community Investment Tax Credit (CITC) provides a 50% tax credit against Commonwealth of Massachusetts tax liability. The CITC program is a refundable tax credit. Donors will invest in a CDC’s Community Investment Plan. Investors must contribute at least $1,000 to be eligible. The contribution must be in the form of a cash donation. The credits awarded are equal to 50% of the “qualified investment.” In addition to receiving the 50% state tax credit, donors may also take a federal tax deduction for the balance of their donation. The credit is REFUNDABLE if the taxpayer does not have a tax liability. 2016 Donations must be received by December 31, 2016.


What are the benefits?


Tax savings example:

  1.   $1000 Gift to the QVCDC
  2.   $500 MA State Tax Credit
  3.   $175 Federal Tax Deduction ( if at 35%)
  4.   $675 Total tax savings to donor
  5.   $325 Donor's final out-of-pocket after tax credit and deduction

*Illustration based on 35% tax bracket.  Situations vary. Please consult your tax advisor.

That’s 50% back to you and 100% to the Quaboag Region!


Who can give?

Individuals, corporations, foundations, not-for-profits, and non-profits can speak with us about donating $1000 and receiving a 50% tax credit to use on 2015 Massachusetts state tax return. Even if you have no tax liability or live out of state, you can utilize this program and receive a refund in the amount of the credit. Banks can utilize the CITCs for CRA donations as well. Contact us for more information.


Additional information about the CITC regulations is available on the Massachusetts DOR and MACDC websites. Talk with your financial advisor or tax professional about how this donation opportunity can most benefit you.


Please email Sheila Cuddy for more information, or call (413) 967-3001. Print out our information flyer with a mail in donation form. Thank you!

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