***Give $1,000 or more before December 31, 2022 and you'll get a 50% state tax credit for the donation! (That's right, you'll get $500 back when you give $1,000.) Individuals, corporations and non-profits are eligible! Donations can be made in full or in installments.
Background: The Community Investment Tax Credit (CITC) was signed into law by Governor Deval Patrick in 2012. It is designed to support high-impact, community-led economic development initiatives through a strategic, market-based approach that leverages private contributions and builds strong local partnerships. DNI is proud to have been awarded $150,000 in tax credits for 2019-2020, and we need YOU to help us take advantage of this generous and impactful program.
How It Works: CITC provides you, the donor, a 50% tax credit against Commonwealth of Massachusetts tax liability. Additionally, you may receive up to 35% of the federal tax deduction for the balance of 50% of the donation (cutting the net cost of your contribution by up to 67%!). Once you file taxes, the state will reduce your tax bill by half of your donation amount. If you do not owe taxes, the Commonwealth will issue you a check for the balance of the credit.
See the tables below for examples. For more information, see resources from MACDC and the Commonwealth or contact Mike Pollio at mpollio@dsni.org.
Background: The Community Investment Tax Credit (CITC) was signed into law by Governor Deval Patrick in 2012. It is designed to support high-impact, community-led economic development initiatives through a strategic, market-based approach that leverages private contributions and builds strong local partnerships. DNI is proud to have been awarded $150,000 in tax credits for 2019-2020, and we need YOU to help us take advantage of this generous and impactful program.
How It Works: CITC provides you, the donor, a 50% tax credit against Commonwealth of Massachusetts tax liability. Additionally, you may receive up to 35% of the federal tax deduction for the balance of 50% of the donation (cutting the net cost of your contribution by up to 67%!). Once you file taxes, the state will reduce your tax bill by half of your donation amount. If you do not owe taxes, the Commonwealth will issue you a check for the balance of the credit.
See the tables below for examples. For more information, see resources from MACDC and the Commonwealth or contact Mike Pollio at mpollio@dsni.org.