Colorado Child Care Contribution Tax Credit


Colorado Child Care Contribution Tax Credit

When you make a monetary donation to the Boys & Girls Clubs of the High Rockies (BGCHR), through the Colorado Child Care Contribution Tax Credit (CCCTC) in combination with your State and Federal Charitable Donation Tax Deductions, you can significantly reduce your income taxes.  Monetary donations to BGCHR qualify for the CCCTC, which decreases the after-tax cost of gifts by more than 50%.


Colorado Child Care Contribution Tax Credit



Colorado Child Care Contribution Tax Credit

Half of your donation will be offset by a dollar-for-dollar credit against your Colorado Income Taxes.  You will still be able to claim your full contribution as a charitable deduction on your Federal and State Income Tax Returns if you itemize your deductions.

GUIDELINES

  • The maximum credit you may take in any one year is $100,000 or your actual Colorado Income Tax liability for the year, whichever is less.
  • Any unused credit may be carried forward for up to five additional tax years.
  • Only monetary donations are eligible.  Stock or other securities and in-kind gifts, such as labor or equipment are not eligible for the CCCTC, but may qualify for other tax benefits.
  • In the case of donations associated with events, only the deductible portion of your payment, reduced by the value of goods and services received, is eligible.  You will be advised of the net amount eligible for the credit.
  • Both individuals and corporations can take advantage of the credit.

Upon request, Boys & Girls Clubs of the High Rockies will provide a signed letter that states the amount of the cash gift, along with the DR1317 tax form certifying the child care contribution.