Feature Story
Baby Haven Contribution Tax Credit
A 50% Colorado State Income Tax Credit is available to donors who make monetary contributions to Friends of the Haven for establishment and operation of a new Child Care Center at Ft. Logan. The credit is available under the provisions of the Colorado Child Care Contribution Credit created for the purpose of promoting child care in Colorado. The effect of the credit is that half of your donation to the Baby Haven is offset by a reduction of your Colorado income taxes. In addition you are still able to claim your full contribution as a charitable deduction on your federal income tax return if you itemize deductions.
Typical Tax Savings for the Colorado Child Care Contribution Credit
| Federal Income Tax Bracket | 28% | 35% |
| Contribution | $1,000 | $1,000 |
| Colorado Child Care Contribution Credit | ($500) | ($500) |
| Charitable Deduction Federal Tax Savings | ($280) | ($350) |
| Charitable Deduction State Tax Savings (4.63%) |
($46) | ($46) |
| Related Federal Tax Effect | $140 | $175 |
| Net Cost to Donor of a $1,000 Gift | $327 | $295 |
* Lower state taxes reduce the deductions for federal taxes. Please consult with your tax advisor. There could be other tax effects and all tax situations are different. Separate accounting is required for the Colorado Child Care Contribution Credit.
Please make checks payable to the Baby Haven. Contributions of any size are welcome but a $200 minimum is preferred.
Mail your check to:
Friends of the Haven |
Online by credit card:
|
Friends of the Havenisa Colorado non profit corporation qualified as a 501 (c) (3) Federal EIN 20-5634004.
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