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Updated: Nov. 1, 2024
With the season of giving approaching, now’s the perfect time to be thinking about end-of-the-year donations and their impact on your personal finances. For those filing taxes in Colorado, the generosity you provide to organizations like Brent’s Place may be offset by a unique tax credit opportunity: the Colorado Child Care Contribution Credit (CCCC).
This beneficial tax credit can provide considerable savings on qualifying monetary gifts of $250 or more made during the given calendar year. When an individual, estate, trust, partnership or corporation gives to an accredited CCCC program or agency, such as Brent’s Place, 50 percent of your qualifying cash donation is offset dollar-for-dollar against your Colorado income taxes. Meaning that the more you give, the greater your tax credit. Stock or other securities and in-kind gifts, such as labor or equipment, are not considered qualifying donations for this Colorado program. As well, the qualifying donation amount does not include the fair market value of goods or services received by the donor. For instance:
1. Donor purchased an auction item for $500, with a fair market value of $200. The qualifying donation amount is $300 and the total tax credit is $150.
2. Donor purchased an auction item for $250, with a fair market value of $350. The qualifying donation amount is zero and the total tax credit is zero.
Here’s an illustration of how this credit could impact your tax savings:
Your contribution can help provide families that find themselves far from home in search of life-saving treatment with hot meals, a warm bed, individualized support programs, and so much more – regardless of their financial situation. Give today and see your gift – and your tax savings – go further.
Ready to make a gift to Brent’s Place?
Because situations vary by individual and tax information may change, Brent’s Place and the Brent Eley Foundation cannot guarantee the accuracy of this information. Please consult your tax advisor.
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