The Child Care Contribution Credit is fully back for 2017! Make your gift go further and save in the process when you donate to "I Have a Dream" this year.
Colorado Child Care Contribution Credit: More Than Half of Your Donation Comes Back to You!
For tax year 2017, the Child Care Contribution Credit is back! The “I Have a Dream” Foundation of Boulder County is a qualified child care facility for the State of Colorado, which means that your donation of $250 or greater, up to $200,000, to a qualified program qualifies for a 50% childcare contribution credit on your taxes.
In 2011, the Colorado state legislature put a temporary hiatus on the credit, which meant you were unable to claim your tax credit for 2011-12 donations. Over the past three years, you were only able to claim 50-75% of the credits you have accrued from donations made in 2011-2013. For tax year 2017, you will be able to claim 100% of remaining and additional accrued credits. Both individuals and corporate donors can benefit from this tax credit program.
*This information should not be construed as tax advice, and as always, you should consult your tax advisors for the most accurate information.
- Your donation still qualifies as a charitable deduction on your Federal income tax
- Donation must be made as a single gift, paid in full via check, cash, credit card, direct bill or electronic funds transfer
- You can take advantage of the tax credits regardless of whether you itemize or not
- Both individuals and corporate donors can benefit from this tax credit program
- In-Kind donations are not eligible for this credit
The table below illustrates how a large part of your donation comes back to you in various tax credits and deductions.