Colorado Homeless Contribution Income Tax Credit

Colorado Homeless Contribution Income Tax Credit

SUPPORT NEIGHBORS EXPERIENCING HOMELESSNESS AND RECEIVE A 25% STATE TAX CREDIT

The Colorado Homeless Contribution Income Tax Credit benefits taxpayers who want to support families and individuals experiencing homelessness by providing a state tax credit for the donor.

The State of Colorado allows you to take a 25% tax credit on your state income taxes when you donate to one of four Catholic Charities' homeless shelters through the Colorado Homeless Contribution Income Tax Credit. Remember, this is a tax credit, not just a tax deduction. For details about this tax credit, watch this two-minute video to learn more.

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Support families and individuals experiencing homelessness and receive a state tax credit

The Colorado Homeless Contribution Income Tax Credit encourages donors to support local nonprofits that are providing valuable services to those experiencing homelessness.

You can take up to a 25% tax credit on your state income taxes when you donate to any one of these four Catholic Charities' homeless shelters through the Colorado Homeless Contribution Income Tax Credit. Minimum donation is $100.

Location

Shelter Name

Denver County Samaritan House Homeless Shelter
Denver County Samaritan House Women's Shelter
Weld County Guadalupe Community Shelter
Larimer County Samaritan House Fort Collins

Real Cost of Giving – The table below illustrates how a large part of your donation comes back to you in various tax credits and deductions, to significantly reduce the after-tax cost of your donation.

Donation Amount

$500

$1,000

$10,000

$50,000

Colorado Homeless
Contribution
Income Tax Credit

($125)

($250)

($2,500)

($12,500)

Charitable Contribution Tax Savings

Federal

($115)

($229)

($2,291)

($11,454)

State

($17)

($34)

($341)

($1,706)

Total Estimated Tax Savings

$257

$513

$5,132

$25,660

Net Cost of Giving

$243

$487

$4,868

$24,340

Assumptions:

— Colorado Homeless Contribution Income Tax Credit: 25%
— Federal tax bracket: 32%
— State tax bracket: 4.55%
— Federal tax deduction benefit has been adjusted to reflect the add-back of lower state taxes.

Note: The example above is a sample calculation. Please consult with your tax advisor for your specific benefits.

Qualifying Donations and Regulations

  • You can take advantage of the tax credits regardless of whether you itemize or not.
  • For those who itemize, the amount of a donation that is not tax credit qualifies for federal income tax deduction.
  • Both individuals and corporate donors can benefit from this tax credit program.
  • Taxpayers over the age of 70½ who are required to make minimum distributions from their Individual Retirement Accounts (IRAs) can make a qualifying contribution directly from their IRAs. Please note that other retirement plans — such as 401(k) plans or Donor Advised Accounts — cannot qualify. Owners of these plans will need to transfer funds from the 401(k) plans to an IRA before making the charitable distributions.
  • Stock and substantiated in-kind contributions of at least $5,000.01 or more also qualify for a tax credit. Please note the guidance on these has changed and can be found here.
  • You are required to file your tax return electronically.

Please consult with your professional accountant or tax specialist regarding your unique tax situation.

IMPORTANT NOTE: Each donor must provide Catholic Charities with the last four digits of their Social Security Number. Businesses are required to provide the complete federal Employer Identification Number (EIN). Without this, we are unable to send information about your donation to the state tax credit administrator for certification and thus unable to process your tax credit. Please call 720.799.9311 to provide this information. Please do not email or mail it.

As a participating agency, the state requires Catholic Charities to submit all donations to this tax credit to an administrator for approval. Certificates will be submitted to the state on a quarterly basis. Once the Administrator has approved your donation for the tax credit, they will email your tax credit certificate to you.

Donate By Mail

Please mail all donations to:

Catholic Charities
6240 Smith Road
Denver, CO 80216

Make checks payable to “Catholic Charities Archdiocese of Denver.” In the memo of the check, write “Colorado Homeless Contribution Income Tax Credit” and designate your preferred shelter / region:

  • Samaritan House / Denver
  • Samaritan House Women's Shelter / Denver
  • Guadaulupe Community Center / Weld
  • Samaritan House Fort Collins / Larimer

Donate By Phone

Call us at 720.799.9311 during business hours to make a secure donation.

According to state regulations, the tax credit must be requested at the time of the donation, so please clearly indicate your desire to donate to the “Colorado Homeless Contribution Income Tax Credit” during the phone call.

SUPPORT
CATHOLIC CHARITIES
PRAYER INTENTIONS
AND REQUESTS
GREAT WAYS
TO SERVE
INTERACT WITH
OUR COMMUNITY