Grow Your Gift with a Tax Credit
When you give $250 or more to Denver Urban Matters you may be eligible for a 25 percent tax credit on your Colorado state income tax. This allows you to give more and make a bigger impact in the lives of those served through DenUM.
Colorado provides an incentive to encourage economic development in certain areas, designated Enterprise Zones. Because DenUM is in one of these zones, donors who make qualifying gifts are eligible to receive a state income tax credit of 25 percent, which is over and above the normal tax benefits of a charitable contribution. This credit may be used to directly offset any Colorado state income tax that you may owe.
The More You Give, The More You Get!
- Both individuals and businesses qualify.
- Eligible donations must be a minimum of $250.
- New gifts as well as pledge payments of $250 or more qualify for the credit.
- The limit per donor is a $400,000 gift per tax year which qualifies for a $100,000 state tax credit.
- Gifts of stock qualify for 12.5 percent of the value of the contribution, however, an additional gift of cash may be added to the stock gift to increase the tax credit amount to 25 percent.
- Excess tax credits may be carried over for up to five years.
- The taxpayer must file his or her state income tax return electronically with the Colorado Department of Revenue.
- There is a limit to the amount of credits that can be given in any one calendar year, so credits will be given on a first come, first serve basis.
To learn more or to ask a question about the Enterprise Zone credit, email Tammy Mulligan or call (303) 350-5066.