Did you know the State of Colorado allows you to take a 25% tax credit on your state income taxes when you donate to IECRM because of our designation in an Enterprise Zone?
The Enterprise Zone Program encourages job creation and capital investment in economically-depressed areas by providing direct tax credits to businesses and projects that promote and encourage economic development activities in those areas. To see how a donation to IECRM 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 32% tax
bracket for federal income tax purposes, this donation would decrease your
federal tax liability by $320 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 federal and state tax savings generated by your
$1,000 donation would be $616.
If you have any questions about Enterprise Zone Tax Credits please contact Pete