CDC Awarded Community Investment Tax Credits by MA
The Governor of Massachusetts, Charles D. Baker, recently awarded the Community Development Corporation of South Berkshire (CDCSB), an allotment of 2020 Community Investment Tax Credits in the amount of $150,000. In the letter outlining the award, the Governor stated that the award is based on the CDCSB’s past performance and its strategic plan for creating more affordable housing and economic opportunity in the Berkshires.
The Community Investment Tax Credits were created by the State of Massachusetts to increase the capacity of certified community-based organizations like the CDCSB, a Berkshire nonprofit responsible for providing low-moderate income housing and working to help the local economy.
The Community Investment Tax Credit (CITC) offers a 50% state tax credit for charitable gifts of $1000 or more. The credits are available to individuals, nonprofit organizations, foundations, and businesses. Donors who make a contribution of $1000 or more are eligible for a 50% credit ($500) toward their Massachusetts tax liability. If the donor does not have a tax liability, the credit is refundable, whereby the Commonwealth will issue a check for the balance of the credit to the donor. Additionally, where applicable, donors may claim a Federal charitable gift tax deduction.
“At a time when providing our essential services are more important than ever, this is a remarkable opportunity to double the impact of your giving, creating affordable homes and living wage jobs for low and moderate-income families,” said Tim Geller, Executive Director.
There’s no cap on the amount that a donor can contribute. Contributors who have taken advantage of the tax credit opportunity include nonprofit organizations, individuals, foundations and businesses throughout Berkshire County and beyond. “One doesn’t have to be a Massachusetts resident to take advantage of the tax credits,” Tim added.
The CDCSB is a nonprofit organization dedicated to creating job opportunities, promoting economic development, and building low-moderate income housing in the southern Berkshires. In collaboration with other local organizations, CDCSB has helped build over 60 affordable housing units, leveraged over $30 million in private and public funding for south Berkshire County and has a current development pipeline of 120 new affordable housing units.
(press release sent to WSBS from the CDCSB for online and on air use)