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Ben Did you know that if you live in Colorado, you can take advantage of the Enterprise Zone Tax Credit? Individuals donating a minimum of $100.00 to RMRP will receive 25% of their gift BACK from Colorado as a state tax credit, in addition to the federal tax deduction for charitable giving! For example, a $1,000 gift will earn you a $250 tax credit (resulting in less tax paid or cash back to you), which can be carried forward 5 years. Please note: In order to obtain this Enterprise Zone Tax Credit, your donation to RMRP must be received by December 31, 2010. You will receive a document from us indicating your donation and that it is eligible for the Enterprise Zone Tax Credit for your tax preparer. Taxes are inevitable. Are you doing everything you can to decrease the amount you owe for federal and state taxes? (Benjamin Franklin image courtesy of FoundingFathers.info) The Larimer County Enterprise Zone Rocky Mountain Raptor ProgramContribution Tax CreditWhat Is The Larimer County Enterprise Zone? An Enterprise Zone is a state‑designated area in need of economic growth and diversification. It provides various state income tax credits to encourage the private sector to invest resources to create or maintain jobs within the Enterprise Zone area. Certain portions of Fort Collins, Loveland, Wellington, and Berthoud are within the zone. The Contribution CreditThe Colorado State Legislature has established a number of tax credits to benefit Enterprise Zone investors, but the most generous allows a 25% state income tax credit for private contributions to an Enterprise Zone project (agency) that will assist in implementing that zone's Economic Development Plan. The Rocky Mountain Raptor Program in Fort Collins has been designated by the State Economic Development Commission as a project that helps implement the area’s Economic Development Plan. If you choose to make a cash donation to the Rocky Mountain Raptor Program, you will receive 25 % of that amount as a credit against your state tax liability. The contribution also may be itemized on your federal tax return. The Larimer County Enterprise Zone recognizes non‑cash donations, as well. Gifts of property, stocks, or other in‑kind donations may qualify for state tax credits, but non‑cash contributions are limited to a 12.5% credit, rather than the 25% allowed for a cash donation. Taxpayer Benefits As a Colorado taxpayer, the Enterprise Zone Contribution Tax Credit benefits you in several ways: • It decreases the amount of taxes you owe. • It gives you an opportunity to invest in your community. • It lets you direct the use of your dollars in ways that have more immediate and personal meaning for you and your family. Community BenefitsThe Enterprise Zone Contribution Tax Credit offers several benefits to the community: • It represents an additional source of funds. • It can be received at any time during the year. • It comes from a donor who has a personal interest in the project. • It triggers other investment in the community, thus helping to stabilize the local economy. Other Benefits Your state and local elected representatives who have continually supported the Enterprise Zone concept can see that the idea really works, that economic and community development can be significantly enhanced through contribution tax credits. Your contribution, added to others, represents a sizeable and permanent commitment to the Rocky Mountain Raptor Program. This local commitment makes it more attractive for other funding agencies to justify investment in your project, as well. The use of your contribution for community projects relieves demands on other revenue sources, which may then be used for needed programs and services which may not have alternative resources. Ready To Claim Tax Credits? To be eligible for the Enterprise Zone Contribution Tax Credit, your contribution check must be made out to and submitted to the Rocky Mountain Raptor Program. A minimum contribution of $100 is encouraged. Smaller contributions are always welcome, but those would not be eligible for the 2S% tax credit. In return for your contribution, you will receive a certification, a copy of which you attach to your state income tax return. Any state credit not used in the current year can be carried forward for up to five years. Want Additional Information? For more detailed information about the Larimer County Enterprise Zone, about the Contribution Tax Credit or designated Enterprise Zone projects, or about any of the other available Enterprise Zone Tax Credits, contact: Lew Wymisner Larimer County Enterprise Zone Administrator 200 West Oak Street, Suite 5000 Fort Collins CO, 80521 (970 498-6605
Or visit www.Larimerworkforce.org and click the Enterprise Zone button
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jamin Franklin said, "The only things certain in life are death and taxes." Since the Tax Man will soon be looking over your shoulder, what can you do to decrease your taxes? End of year giving is a wonderful way to limit your tax burden. It feels great giving and in addition, it is deductible!