Big Brothers Big Sisters of Southwest Colorado qualifies
for the Colorado Child Care Contribution Tax Credit
The Colorado Child Care Contribution Tax Credit, was established to encourage greater private support of Colorado child care programs, like those provided by BBBS SW CO. Because monetary contributions to the BBBS SW CO qualify for this tax credit, you may be able to decrease the after-tax cost of your gifts by more than 50 percent.
The effect of the credit is that half of your donation to Big Brothers Big Sisters of Southwest Colorado - as long as it is designated for the credit - is offset by a reduction of 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 deductions.
BBBS SW CO will use your gift to:
- Operate and expand the after school one-to-one mentoring programs.
- Train staff and volunteers working directly with children.
Further examples of the total impact on your taxes are shown in the chart below. As always, you should consult with your tax advisor to determine how the credit will affect you personally.
Tax Savings Examples:
(Illustration only; please consult with your tax advisor)
*Your tax savings may be more or less than these typical examples.
The above is based on a 28% tax bracket.
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. However, any unused credit may be carried forward for up to five additional tax years.
Only monetary donations are eligible. In-kind gifts, such as stock or other securities, labor, or equipment do not qualify for the tax credit.
As required by law, BBBS SW CO will provide each donor with a signed statement confirming the amount of the monetary contribution eligible for the credit and the eligible purpose for which the contribution will be used.
Please write “Child Care Contribution Credit” in the memo line of your check or donation form. If giving online, please note that your gift is for the Child Care Contribution Credit (CCCC) option in the comment section.
For more information, please call Anita Carpenter at 970-247-3720
You should consult with your tax advisor to determine how the credit will affect you.
For more information, consult your tax advisor or click here.