|
|
|
|
|
2011 Changes to the Colorado Child Care Contribution Credit Availability
Due to a recent change in state law, the Colorado Child Care Contribution Tax Credit will be deferred (but not eliminated) for all gifts made in calendar year 2011. Donors who make gifts to Catholic Charities during 2011 will not be able to claim the credit on their tax return until it is reinstated. The availability of the credit in calendar year 2012 will be announced by the Colorado Legislative Council at the end of December 2011. The credit will be available starting again in 2013 in a limited fashion: in calendar years 2013 and 2014, the amount of the credit that can be claimed will be %50 and %75 respectively. In 2015, the credit will return to its original form.
If that state determines in December 2011 that it General Fund Revenue will exceed 6% growth then the entire credit from 2012 contributions plus any accrued carry forward could be claimed in 2012. The schedule of allowable credits to be claimed in 2013,2014 and 2015 will remain the same.
Please consult your tax advisor for more information and further details on how these changes affect you.
Example*
If the State determines in December that the General Fund Revenue Will Grow by 6%
|
Contribution Year
|
Child Care Gift
|
Credit Amount
|
% Credit Allowed
|
$ Credit Taken
|
Carry Forward Credit
|
|
2011
|
$10,000
|
$5,000
|
0%
|
$0
|
$5,000
|
|
2012
|
$10,000
|
$5,000
|
100%
|
$10,000
|
$0
|
|
2013
|
$10,000
|
$5,000
|
50%
|
$2,250
|
$2,500
|
|
2014
|
$10,000
|
$5,000
|
75%
|
$5,625
|
$1,875
|
|
2015
|
$10,000
|
$5,000
|
100%
|
$6,875
|
$0
|
|
|
$50,000
|
$25,000
|
|
$25,000
|
$0
|
Help Children in Need and get a 50% tax credit!
Did you know?
The state of Colorado allows you to take a 50% tax credit on your state income taxes when you donate to Catholic Charities Foster and Child Care programs. For information about the availability of this tax credit, please review the Fact Sheet or visit the Colorado Department of Revenue Website.
That is a tax credit, not just a tax deduction.
View the Commercial or get the Fact Sheet.
Catholic Charities operates six child care centers in low-income neighborhoods, providing developmentally enriched care in a safe, nurturing environment for hundreds of poor children. These centers enable parents, many of whom are single mothers,
to transition from welfare to work and move toward self-sufficiency.
Please consider a donation to our child care programs. Simply send your donation to Catholic Charities and indicate “Child Care Services” on the check. We will send you an acknowledgment stating that your donation qualifies for the Colorado Child Care 50% Tax Credit.
|
|
|