For income tax years beginning on or after January 1, 1996, any taxpayer who makes monetary or in-kind contributions to an enterprise zone administrator or to an agent designated by the enterprise zone administrator for the purpose of implementing the economic development plan of the enterprise zone may claim an income tax credit of 25 percent of the value of the contribution up to a maximum credit of $100,000. In-kind contributions shall not exceed 50% of the total credit claimed. [§39-30-103.5 (1), C.R.S.]
Information about taxpayer contributions and their effect on Colorado income tax liabilities may be subject to release to the public [§39-30-103.5(7), C.R.S.]
To qualify for the credit, the contribution must be used for purposes that are directly related to job creation, job preservation, or assistance programs for homeless persons. For tax years beginning on or after January 1, 2003, contributions to promote community development projects will also qualify for the credit.
For a list of organizations and projects approved for the current year, visit www.advancecolorado.com/ez
No credit shall be allowed to a taxpayer for any contributions that are used for a purpose that directly benefits the contributor. [§39-30-103.5 (4), C.R.S.]
FYI Income 23