There have been recent changes to the MI Tax Code which apply to charitable giving. Through the end of this year, individual donors to an endowed fund may continue to claim a 50% tax credit for a gift up to $200 against the taxes they owe on their state income tax. Likewise—couples may claim the 50% credit for gifts up to $400; and qualified businesses for gifts up to $10,000.
Filers may claim a tax credit for gifts to endowed funds at community foundations in addition to a tax credit for homeless shelters and food banks; as well as state universities, public libraries and public broadcasting. However, all three state of Michigan Tax Credits for charitable gifts are ending as of December 31, 2011.
What this means is that donor gifts to an endowed fund at the Community Foundation continue to qualify for the MI Tax Credit THIS year, but as of January 1, 2012—that will no longer be the case! Your gift before December 31, 2011 to our endowed fund at the Community Foundation/Holland Zeeland Area will allow you that 50% credit on your tax filing.
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