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.