What is the community investment tax credit (CITC)?
The Massachusetts Community Investment Tax Credit (CITC) provides a 50% state tax rebate for donations to ACDC of at least $1,000. Donors can be individuals, corporations, or nonprofits. You don't even need to be a MA resident! The full value of your donation is also eligible for a federal charitable tax deduction.
Tax savings example:
|Your Donation to ACDC||$5,000|
|CITC Rebate (50%)||$2,500|
|Federal Tax Savings (35%)||$875|
|Your Total Tax Savings||$3,375|
|Your Out-of-Pocket Donation||$1,625*|
*Tax situations may vary. Be sure to consult with your tax advisor.
You're receiving a considerable tax benefit while making a charitable investment! As a CITC donor, you're providing essential, flexible funds for ACDC to develop new programs, expand current services, and fill funding gaps. Join many other individuals, nonprofits and businesses taking advantage of this unique opportunity today.
How does it work?
- Make a donation of at least $1,000 online (include "CITC" in the memo).
- You can also write a check to ACDC. Funds must be received by December 31, 2017, so please account for the time it takes to mail your check. Feel free to stop by our office.
- ACDC creates an online account and you will receive an email to log in.
- You fill out a quick and easy online form.
- ACDC verifies your form.
- You receive a certificate with a unique code within 2 weeks that you will use when you file your state taxes.
And that's it! Just 5 easy steps.
If you are not an MA resident, there's a simple form you submit after you complete the online application. Feel free to email email@example.com, and we will be happy to assist you.
Here are some of the milestones and accomplishments made possible through CITC donors:
- We successfully completed a youth-led Chinatown Pedestrian Safety Campaign which resulted in tangible, structural improvements such as doubling the walk light timing to better accommodate elders, children and individuals with physical disabilities.
- We hired a full-time, multilingual financial and housing counselor and a Malden-based part-time counselor to serve more low-income and recent immigrant families and individuals.
- ACDC expanded its summer youth program to a year-round program, focusing on leadership development, entrepreneurship and creative placemaking.