Community Investment Tax Credit
The Community Investment Tax Credit is a unique opportunity to double a donor’s impact within their local community. Donors enrolled in the program receive 50% of their donation back as a state tax credit.
How CITC Works:
- North Shore CDC’s Community investment plan details how we will improve our North Shore community, specifically by investing in affordable housing and YouthBuild North Shore. In 2016, North Shore was awarded $110,000 in tax credits to leverage $220,000 in donations from local organizations and individuals.
- Local donors who are interested in investing in neighborhood-based economic development can now donate to North Shore CDC, thereby providing working capital that can be used to achieve maximum impact in our communities.
- Donors will benefit from CITC by receiving a credit equal to 50% of a qualified cash donation between $1,000-$900,000 in 2016. Tax payers can claim the credit in the year of their investment and it can be rolled over for up to five years. Tax-exempt organizations receive a check in the amount of their credit.
- CITC complies with Tax Credit Expenditure Commission and the Division of Banks recognize it as a qualified CRA Investment.
“My family and I discussed the new tax credit over our Christmas dinner after reading about the Community Investment Tax Credit in the Boston Globe. We were surprised but excited that a tax credit could make a big difference in our community. I’m a retired principal and I like that my donation improves the quality of life for future leaders in the area. It made sense to invest locally and North Shore CDC made the process easy.”
Contact us to learn more today!