Child Care Contribution Tax Credit

Child Care Contribution Tax 

When you make a donation to CASA of Larimer County, you can reduce your taxes by 50% through the Colorado Child Care Contribution Credit. When you donate $500 or more to CASA, the state of Colorado allows you to take a 50% tax credit on your state income taxes in a addition to the regular state and federal deductions for a charitable contribution.

 

Capture

Guidelines

  • Donors may not receive any goods or services in return for their contribution.
  • No in-kind or stock contributions qualify for the credit.
  • Contributions may be made through December 31, 2019.
  • minimum gift of $500 is required to receive the Child Care Tax Credit.
  • The credit shall not exceed $100,000 per year.
  • The credit allowed shall not exceed the tax liability for the year. Any excess credits may be carried forward for up to five years.
  • Donors should contact their tax advisors for advice about how the credit affects their tax picture. Information posted here is not tax advice.

CASA will provide donors with Form DR 1317, certifying the child care contribution. This form must be attached to a paper income tax return that claims the child care contribution credit, or supplied to the Department of Revenue upon request if the income tax return is filed electronically.

For more information, consult your tax adviser and see the FYI Income 35 Document  from WWW.colorado.gov.

 

Examples of the total impact on your taxes are shown in the chart below. As always, you should consult with your tax advisor to determine how the credit will affect you personally.

Capture