Tax Credits

What is a tax credit?

A tax credit is a dollar for dollar reduction on the taxes you owe, as opposed to a deduction that reduces the gross income on which your taxes are calculated. The tax credit program through which you donate determines the credit amount.

Enterprise Zone Tax Credit

Enterprise Zones exist to encourage private involvement in economically distressed areas. The Gathering Place operates in a Denver County Enterprise Zone and contributions equal to or greater than $500.00 are eligible for a 25% state tax credit. In addition, stock and substantiated in-kind contributions qualify for a 12.5% credit. Read about the changes to requesting this tax credit in 2012.

When I donate to The Gathering Place, how do I take advantage of this credit?

It’s a very simple process. When making a donation to The Gathering Place through our “Donate Now” option on the website, simply mark the DUEDC box “yes” when filling out the form. If making a gift with a check, please specify DUEDC (Enterprise Zone) in the memo section of your check. If using a credit card, simply attach a note. If calling in your donation, please tell The Gathering Place representative. And, according to state regulations, the credit must be requested at the time of the donation.

Please consult your tax advisor regarding your unique tax situation.

For more information on these tax credits, contact Samantha Horoschak at samantha@tgpdenver.org or 303-996-9043.