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Our 2010 Annual Report is now available for download. Please click the link below to view it in your web browser, or right click and "save link as" to download it.
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Expiring Tax Credit
Recently the Michigan Legislature passed the Governor’s Tax Reform Package in a close vote with the Lt. Governor casting the tie-breaking vote in the Senate. The Bill first eliminates the Michigan Business Tax, which has included several charitable tax credits, including the Community Foundation Tax Credit. This Bill also contains numerous changes to the Individual Tax Code, including elimination of three charitable tax credits: public institutions, food banks and homeless shelters and community foundations.
The changes to the charitable tax credits are effective on January 1, 2012.
Michigan was the first state in the country to have such a tax credit and the stories of how it helped to grow endowed funds held by community foundations across Michigan are indeed inspiring. The credit was made permanent in 1992, after being renewed three times by the Legislature. Over the lifetime of this credit, the cost to the state has been about $50 million and endowed assets of the community foundations have grown, due in part to this credit, to exceed $2 billion.
Individuals and corporations can take full advantage of the Michigan tax credit for the remainder of this year. Don’t miss the opportunity to take full advantage of this expiring tax benefit! More information can be found here Taxcreditexpiration.pdf
