CITC: Community Investment Tax Credits!

NOAH is looking for donors who'd like to more-than-double the impact of their donation dollars! We are one of the Massachusetts CDC's (Community Development Corporations) who have received Community Investment Tax Credits for both 2014 and 2015.

HOW DOES IT WORK?  It's easy! Speak to us about making a cash donation of over $1,000 (but less than $110,000 in 2014 and less than $150,000 in 2015) for a 50% state tax credit. Please click here to send us an email for more information. Please click here to see more about CITC's in our brochure. Click here to see a video featuring the Governor and others explaining how CITC works. Or, click here to give right now!

WHO CAN GIVE?  Anyone in the state - individuals or corporations, including not-for-profits and non-profits - can speak to us about donating over $1,000 to NOAH and receiving a 50% tax credit to use on that year's Mass. state tax return. Even if donors don't have any tax liability, or if they live out of state, they can utilize this program and receive a refund in the amount of the credit. Banks can utilize the CITC's for CRA donations.

WHEN?  Now! The CITC program has already begun. You can check out the newly promulgated CITC regulations at http://www.mass.gov/dor/businesses/help-and-resources/legal-library/regulations/62-00-income-tax/830-cmr-62-6m-1.html. But, we should mention that the credits are available on a 'first-come, first-serve' basis.

WHY? Depending on your tax bracket, your $355 donation can work like a $1,000 donation to help NOAH offer free or very low cost programming to seniors, disabled individuals, families, and children in need. Each year, we assist over 1,600 individuals in our affordable housing programming, and hundreds more in our children's, youth, ESOL and US Citzenship initiatives.  The state program is designed to encourage private contributions that help nonprofit Community Development Corporations achieve essential community goals.

EXAMPLE: Here is a 2014 annual tax savings CITC example. 

NB: Illustration at 35% tax bracket. Situations vary. Please consult your tax advisor.
 

Minimum Donation   Maximum Donation
$1,000   $110,000
  Mass. State Tax Credit  
$500   $55,000
  Federal Tax Deduction
(if at 35%)
 
$175   $19,250
  Total Tax Savings

 

$675   $74,250
  Final Out-of-Pocket Donation  
$325   $35,750

 

'Thank You' to Schoolyard Summer Program Donors!

We want to shout out a big THANK YOU to our generous O'Donnell Schoolyard Summer Program donors and volunteers. The children had a wonderful summer, thanks to you! Each day saw between 60 to 80 children participating in programs ranging from arts and crafts to sports and gardening. Five children at the Program learned to ride a bicycle for the very first time this summer. The Main Program Sponsor was the East Boston Foundation. Other sponsors included: Booster Sponsor Spinellis Ravioli; Supporter Sponsors the Kiwanis Club of East Boston, Century 21 Mario Real Estate, the East Boston CDC, Jean Staropoli and the East Boston Savings Bank; Good Neighbor Sponsors Kelly Square Pub, Danilchuk Auto Body, East Boston Main Streets and Martha Anderson; and Friend Sponsor: Michael Fiore. On behalf of all the children, we are very grateful!

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