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Enterprise Zone Program Changes
Effective January 1st, 2023, the Enterprise Zone (EZ) Tax Credit was replaced with Colorado’s Homeless Contribution Tax Credit (HCTC). This is a new tax credit program and the first ever homeless-specific tax credit program. The Colorado Homeless Contribution Tax Credit provides a 25% state income tax credit to Colorado taxpayers who contribute to eligible homelessness-related projects within Colorado. Partners in Housing’s Family Self-Sufficiency Program is an approved project. This new tax credit replaces the El Paso County Enterprise Zone donations for Partners in Housing. We can no longer process EZ gifts. Gifts made to Partners in Housing of $250+ are eligible for the new Homeless Contribution Tax Credit, including cumulative gifts that total $250+ by year-end. To learn more about Colorado’s Homeless Contribution Tax Credit, please visit the state’s website here: https://cdola.colorado.gov/hctc.
Do you need Enterprise Zone Tax Credit information for your 2022 Tax Preparation?
Please contact Mary at marystegner@partnersinhousing.org or (719) 325-5831 for more information
Homeless Contribution Tax Credit (HCTC) – 25% Tax Credit
This is a new tax credit program and the first ever homeless-specific tax credit program! The Colorado Homeless Contribution Tax Credit provides a 25% state income tax credit to Colorado taxpayers who contribute to eligible homelessness-related projects within Colorado. Partners in Housing’s Family Self-Sufficiency Program is an approved project. Gifts made to Partners in Housing of $250+ are eligible for the new Homeless Contribution Tax Credit, including cumulative gifts that total $250+ by year-end.
Please note, the Colorado statute (C.R.S. 39-22-548) for this particular tax credit requires a full Social Security Number to be on the distributed tax credit certificate. A Colorado tax ID is not eligible. This information is entered by the receiving nonprofit during gift processing and the certificate is issued by the Colorado Department of Local Affairs (DOLA) via encrypted email or by mail.
How to Give for Colorado’s Homeless Contribution Tax Credit
To make a donation for Colorado’s Homeless Contribution Tax Credit, please include “HCTC” in the memo line of your check (made payable to Partners in Housing) or if giving online, under “Gift Preferences”, select the HCTC option. Please do not include your SSN in a comment on an online gift, within an email, or within a voicemail message. Instead, please call us at (719) 325-5831 anytime between 8:30AM and 4:30PM, Monday through Friday, to provide your information securely by phone. To learn more about Colorado’s Homeless Contribution Tax Credit, please visit the state’s website here: https://cdola.colorado.gov/hctc.
If you prefer to not give your SSN, you may consider the Child Care Contribution Tax Credit which is a 50% state income tax credit for gifts of $500+, including cumulative gifts that total $500+ by year-end. This credit does not require a SSN to be provided during gift processing – you fill in the SSN field yourself when the form is mailed to you.
Child Care Contribution Tax Credit – 50% Tax Credit
The most advantageous tax credit we offer is the Child Care Contribution Tax Credit which gives donors like you a 50% credit on your state tax liability for gifts of $500+, including cumulative gifts that total $500+ by year-end. This tax credit was created to promote giving to nonprofit organizations that provide quality childcare in Colorado. Partners in Housing’s Child Enrichment Center is a qualified program. If you would like to donate for this tax credit, please include “Child Enrichment Center” in the memo line of your check (made payable to Partners in Housing) or if giving online, under “Gift Preferences”, select the Child Care Contribution Tax Credit option.
Donors will receive form DR 1317 from Partners in Housing about 1-2 weeks after donating.
Need to clarify information? Give us a call.
Always consult with your accountant and/or tax advisor for advice concerning your particular circumstances. If you would like additional information regarding either tax credit, please contact Mary at marystegner@partnersinhousing.org or (719) 325-5831.