Community Investment Tax Program

The Community Investment Tax Credit (CITC) program is designed to enable local residents and stakeholders to work with and through community development corporations (CDCs) to partner with nonprofit, public, and private entities to improve economic opportunities for low and moderate income households and other residents across the Commonwealth. For HCA, this includes new affordable housing development as well as staff education and training.

HCA is a designated Community Partner and has $100,000 in state tax credits for the 2016 tax year. These tax credits are available to taxpayers making qualified cash investments of $1,000 or more. Tax credits are issued at a rate of 50% of the qualified investments. For example: a $10,000 donation generates $5,000 in state tax credits. If a taxpayer does not have any tax liability, a refund will be issued.

You may also claim the full amount of the donation on your federal taxes. Any bank can also claim CRA credits for the donation as well. Out-of-state donors with no Massachusetts tax liability may participate in the program but are required to file a Massachusetts tax return and will receive the credit in the form of a refund.

 

If you are interested in learning more, please contact Pam Hallett at (781)859-5211, or phallett@housingcorparlington.org

 

For additional reference information please view the links below:

 Community Investment Tax Credits: Donors Investing Over $1K in CDCs Realize Significant Tax Benefits – AAFCPAs (4/27/15)

State officials call new charitable giving tax credit program a success – Boston Globe (4/16/15)