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How You Can Help

The Quaboag Valley Community Development Corporation (QVCDC), a non profit 501(cx3), was awarded Community Investment Tax Credits (CITC). 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. Donations must be received by December 31, 2021.

What are the benefits?

  • Considerable Tax Savings
  •  Individuals and Corporations can take advantage of tax credit
  •  Excess tax credit is refundable
  •  Your tax dollars stay in the community
  •  Contact us about making a donation to the QVCDC.

Tax Saving Example:

  • $1000 Gift to the QVCDC
  • $500 MA State Tax Credit
  • $175 Federal Tax Deduction ( if at 35%)
  • $675 Total tax savings to donor
  • $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.

50% back to you and 100% to the Quaboag Region!

 


If you’d like more information email Sheila Cuddy, or call (413) 967-3001.

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