Enterprise Zone
The Enterprise Zone tax credit lets you receive a 25% credit on your Colorado state taxes when you give to approved Goodwill job training projects. Combined with charitable income tax deductions, your gift to Goodwill can result in substantial tax savings. Here’s how it works:
- Applies to donations of $500 or more
- Make your check payable to the El Paso County Enterprise Zone Administrator (credit cards not allowed)
- In the memo section of your check write Discover Goodwill of Southern and Western Colorado Job Training
- Mail your check to Goodwill. You’ll receive a receipt from El Paso County
- If you prefer to make a contribution through a transfer of appreciated securities, please call us for transfer instructions. Because securities are considered a non-cash or gift-in-kind, the tax credit is reduced to 12.5%.
Tax savings example
(based on a 28% tax bracket)
|
|
Cash gift 25% credit |
|
Gift |
$1,000 |
|
CO State income tax deduction |
$46 |
|
Fed. tax deduction |
$267 |
|
CO income tax credit |
$250 |
|
After tax cost of giving $1,000 |
$437 |
The above example is for illustration purposes only. Please consult your tax advisor to discuss your specific circumstances.
For more information, please contact:
Jeanne Conder
Vice President
Discover Goodwill Foundation
1460 Garden of the Gods Rd.
Colorado Springs, CO 80907
Phone: (719) 381-9489
Fax: (719) 635-5713
E-mail: Jeanne Conder
