Reservations are required for independent workouts. ReserveOur Ys are open with temporarily reduced hours. Please check our reopening guide for policies before you arrive.

COLORADO CHILD CARE TAX CREDIT

Maximize Your Gift With the Colorado Childcare Tax Credit

Taxpayers who make a monetary contribution to promote childcare in Colorado may claim an income tax credit of 50% of the total contribution.

Both corporate and individual donors may benefit. Taxpayers who make a cash contribution to the YMCA of Northern Colorado’s Community Support Campaign may claim an income tax credit of 50% of the total donation on their Colorado income tax return. Please check with your accountant; you may need to itemize to take advantage of this tax benefit.

EXAMPLE

  • Donation Amount: $1,000
  • Federal Tax Savings at *30%: -$150
  • Colorado Tax Savings at *5%: -$23
  • Colorado Child Care Tax Credit: -$500
  • Total Donor Out of Pocket: $327

*Recognized at 1/2 for Colorado Contribution Tax Credit consideration.

Colorado Childcare Tax Credit Guidelines

  • In-kind contributions of property (non-monetary donations) do not qualify for the credit.
  • Donors may not receive any goods or services in return for their contribution.
  • The credit shall not exceed $100,000 per year.
  • The credit allowed shall not exceed the tax liability for the year. Any excess credits may be carried forward for up to
    five years.
  • The Y will provide you with the DR 1317 Child Care Contribution Credit Certification in January of the following year.
  • Donors should contact their tax advisors for advice about how the credit affects their tax picture. Information provided
    here is not tax advice.

New Ways to Maximize Your Gift

  • A new $300 charitable deduction is allowed for taxpayers who do not itemize their deductions.
  • For those who itemize their deductions, the adjusted gross income limitation is waived for cash contributions made directly to charity in 2020. This means individuals contributing cash directly to the YMCA of Northern Colorado can receive up to a 100% deduction against their income for 2020 with a five-year carryforward for amounts not deductible in 2020. 

Donors should contact their tax advisors for advice about how the credit affects their tax picture. Information provided here is not tax advice.