The Community Development Partnership (CDP) is pleased to announce it has received an award of $300,000 in tax credits from the Massachusetts Community Investment Tax Credit (CITC) program.
CITC helps the CDP create opportunities for donors to receive a 50 percent state tax credit for their donation ($1,000 minimum) while investing in the CDP’s high-impact economic and community development programs to improve the well-being of low to moderate-income individuals and families living on the Lower Cape.
“The Community Investment Tax Credit program has enabled us to grow our financial support from individuals and businesses from $30,000 in 2013 to over $550,000 last year,” said Jay Coburn, President and CEO. “The CDP garners support from over 120 donors in this vital program each year. Our organization has one the highest utilization rates in Massachusetts.”
Tax credits are a way for individuals and businesses to do good while receiving a significant tax break. Credits are limited, and availability is first-come, first-served. Donors using CITC benefit in the following ways:
- 50 percent tax credit on donations of $1,000 or more.
- The excess state tax credit is refundable.
- Donations are eligible for a federal charitable tax deduction.
The CITC program is unique to Massachusetts. Since its inception in 2014, the Massachusetts Community Investment Tax Credit program has been an integral and reliable source of funding for Community Development Corporations (CDCs) across the state. To qualify, community development corporations must create a three-year Community Investment Plan outlining strategies and goals for strengthening their communities. The credits are offered in exchange for qualified donations, which are leveraged to positively impact the local community.
To learn more about the CDP or the Community Investment Tax Credit program, contact Laura Cannata, the CDP’s Chief Advancement Officer, at 508-290-0126 or laura@capecdp.org.
