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.
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, 2023.
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!