State of Michigan Tax Credit for Community Foundation Endowment Fund Contributions
We are a 501(c)(3) organization, and gifts may be deducted for federal income tax purposes. In addition, the State of Michigan Tax Credit Program offers donors to Community Foundations a special tax credit for contributions to endowment funds.
This credit is limited to a maximum of:
- $100 for individuals (50% of a $200 donation)
- $200 for married couples filing jointly (50% of a $400 donation)
- $5,000 or 5% of tax liability before claiming credits, whichever is less, for a business (based on a $10,000 gift)
- $5,000 or 10% of tax liability before claiming any credits, whichever is less, for a resident estate or trust (based on a $10,000 gift)
The State of Michigan Community Foundation credit is in addition to those credits available for contributions to public broadcasting, Michigan colleges or universities and public libraries, or to homeless shelters/food banks. The code number for gifts to The Community Foundation of the Holland/Zeeland Area is 20.
Ask your personal or corporate tax advisor about how these credits could work for you. Alternatively, you may use the Tax Credit Calculator to determine the savings realized for any amount contributed by following the "Ways to Give" link at www.forgoodforever.org.