Donors to HopeWest are eligible under the guidelines of the Colorado Economic Development Commission for Enterprise Zone Tax Credits for cash or in-kind donations made to the organization.
To receive this tax credit, YOUR RESPONSE IS REQUIRED. For you to receive this credit, HopeWest must submit one of the following items to the State of Colorado:
- Last 4 digits of your Social Security Number
- Colorado Account Number (instead of a social security number) – you can obtain this number by visiting www.colorado.gov/revenueonline and selecting “request a letter ID”
- Business Tax ID Number
You can provide this confidential information by calling 970-255-7210.
You must request that the enterprise zone form be submitted for any in-kind gift; however, cash donations are processed automatically once we have received the personal identification number.
Cash donations of $50 or more (up to $400,000) may be eligible for a 25% tax credit on donor’s Colorado State Income Tax Return. The tax payer may take a tax credit of up to $100,000 per tax year. Any excess credit may be carried forward for up to 5 years.
In-kind gifts valued at $250 or above (up to $400,000) may be eligible for a 12.5% tax credit on donor’s Colorado State Tax Return. In-kind gifts of clothing are EXCLUDED. The taxpayer may take a tax credit of up to $50,000 per tax year. Any excess credit may be carried forward for up to 5 years.
In-kind donations of $5,000 or more must be accompanied by valuation documentation. Gifts of stock and securities may be eligible for the same tax credit of 12.5%.
Not only may donors deduct their gifts on both Federal and State returns, they also may be able to claim the additional Enterprise Zone tax credit on their State of Colorado return. This means that, depending upon a donor’s tax bracket and itemizations, a donation may cost the donor less than the amount of the contribution.
For more information or tax advice, please see your accountant or tax advisor. HopeWest is a community-based, 501( c )( 3 ) organization.