Did you know the State of Colorado allows you to take a 25% tax credit on your state income taxes when you donate to IEC because of their designation as an Enterprise Zone?
The Enterprise Zone Program encourages job creation and capital investment in economically depressed areas by providing tax credits to businesses and projects that promote and encourage economic development activities in those areas. To see how a donation to IEC can benefit you from a tax standpoint, please see the example below.
Example based on a deduction of a $1,000 donation: If you were in the 28% tax
bracket for federal income tax purposes, this donation would decrease your federal
tax liability by $280 plus a reduction of Colorado tax liability in the amount of $46.
The donation would also qualify for the 25% Enterprise Zone Credit. In this
example, this credit would be $250 and would be available to offset the Colorado
income tax liability. The total fefederal and state tax savings generated by your
$1,000 donation would be $576… READ MORE