Mass. Says New Tax Credits to Encourage Giving Have Succeeded
April 16, 2015 | Read Time: 1 minute
Massachusetts officials say a new tax credit intended to promote giving to nonprofits supporting low-income neighborhoods has been a success, The Boston Globe reports.
The Community Investment Tax Credit, which first became available last year, gives donors the chance to contribute to a community development corporation and get a tax credit for half the amount of their gift. The nonprofit CDCs, which work to improve low-and moderate-income housing, get an allotment of credits to encourage donors to contribute. State government revenue is used only if the credits are claimed.
Throughout the state in 2014, $3-million in credits was allocated to 38 CDCs, with nearly $2.4-million of them claimed, leading to about $4.8-million total donated to the nonprofits.
