Community Investment Tax Credits
Thank you to all of our donors who doubled the impact of their donation dollars in 2015, 2016, 2017 and 2018! Don’t miss your chance to get half back for your 2019 donation!
100% of our available tax credits were sold for the 2014 Community Investment Tax Credit campaign and we are one of the Massachusetts CDC’s (Community Development Corporations) who have received Community Investment Tax Credits for 2015, 2016, 2017, 2018 and 2019. Time is running out to participate and credits are going fast!
2019 Community Investment Tax Credits – The Gift that Gives Back!
The Community Investment Tax Credit (CITC) was signed into law by Governor Deval Patrick
on August 6, 2012 as part of a larger economic development bill. The purpose of the CITC
program is to enable local residents and stakeholders to work with and through Community
Development Corporations (CDC’s) to partner with non-profit, public and private entities to
improve economic opportunities for low and moderate income households and other residents
in urban, rural and suburban communities across the Commonwealth.
In short, the Community Investment Tax Credit Program (CITC) provides a 50% state tax
credit and/or refund for 2019 donations of $1000 or more made to designated Community
Development Corporations (CDC’s).
CTI is one of only two local Community Development Corporations qualified to provide these tax
credits. If the donor does not have a sufficient tax liability, the 50% credit is refundable whereby
the Commonwealth of Massachusetts will issue a check for the balance of the credit directly to
Businesses, non-profit organizations, foundations and individual donors have successfully
participated in the CITC program.
Since the Community Investment Tax Credit Program’s inception, Community teamwork has
received more than $500K in tax credits to provide to donors. “We are thrilled to receive these
tax credits again this year. These tax credits really allow our donors to double their money and,
more importantly, their impact on the community. They are instrumental in helping CTI fulfill its
mission.” stated Karen Frederick, CTI’s Executive Officer.
The Massachusetts Community Investment Tax Credit Program (CITC) is part of a larger
economic development bill and essentially compensates the donor for driving support into the
community through donations to Community Development Corporations (CDC’s) such as
Don’t delay – Donations must be received by December 31, 2019 and Tax Credits are
available on a first come, first serve basis.
For more information on how your clients can take advantage of 2018 Tax Credits, please
contact Community Teamwork, Inc., CITC@commteam.org, or 978-654-5640
Visit https://macdc.org/how-it-works for more information.
As a CDC we are building communities, improving places, and transforming lives in your community. HOW DOES IT WORK? Contact us about making a cash* donation of at least $1,000 for a 50% state tax credit. Please email us for more information. Additional information about the CITC regulations is available on the Massachusetts DOR website and may be accessed here. Talk with your financial advisor or tax professional about how this donation opportunity can most benefit you.
Tax savings example. (Illustration based on 35% tax bracket. Situations vary. Please consult your tax advisor.)
|$1,000||Gift to Community Teamwork|
|$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 cost after tax credit and deduction|
And Community Teamwork receives the full benefit of your original $1,000 donation!
*Donors must give a minimum of $1,000 to be eligible. This qualified investment must be in the form of a cash donation (donations of gifts in-kind, stocks, and property are not eligible under this program).
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 this year’s 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 CITC’s for CRA donations as well.
WHEN? The deadline for the CITC program is December 31, 2019. Please note that the credits are limited and available on a first come, first served basis – so contact us today! Don’t miss your opportunity to double the impact of your donation.
WHY? Community Teamwork strengthens communities and reduces poverty by delivering vital services and collaborating with key stakeholders to create housing, education and economic opportunities. Last year:
- 11,085 households (including 3,243 senior citizens) received Fuel Assistance that kept them safe and warm
- 1,285 children participated in pre-school activities to develop school readiness skills
- 2,296 households retained their housing through the provision of rental subsidies
- 192,637 volunteer hours were donated by Senior Volunteers and 169 homebound Seniors were able to maintain their independence
- 153 unemployed individuals obtained employment and 175 individuals obtained skills/competencies required for employment.
Please give today to maximize the impact of your donation in your community.