Thank you for making a gift to support the outstanding programs CAJE offers the Colorado Jewish community. Your support and generosity are essential to fulfilling our mission. Funds raised will sustain community programs including: CAJE Early Childhood Education Initiative, CAJE Israel Study Tour, CAJE Teen Engagement, CAJE Adult Education programs, and the CAJE Florence Melton School of Adult Jewish Learning.
Child Care Contribution Tax Credit Program Update
For the past several years, in order to promote giving to nonprofit organizations that provide quality childcare in Colorado, the state has offered a special 50 percent income tax credit to taxpayers who donate to qualifying programs. The effect of this credit is that half of your donation is offset by a dollar-for-dollar reduction of your Colorado income taxes. In addition, you are still able to claim your full contribution on your federal and state income tax returns if you itemize your deductions. Gifts of stock do not qualify.
In December 2010 the State Legislature suspended the program because of a lack of revenue growth in the state’s 2011 budget. In recent months, however, the Legislature re-established the program with limitations. Gifts made to qualifying childcare programs during tax years 2011 and 2012 will be eligible for a deferred credit. The state is predicting that taxpayers will be able to claim deferred credits (from contributions given during tax years 2011 and 2012) as early as tax year 2013, but final determination is subject to change based on additional legislative action in the future.
If you would like your gift to CAJE’s Annual Campaign to be earmarked for the tax credit, please write “Child Care Programs” on the memo line of your check or somewhere on your reply device if paying by credit card. If giving online at http://www.caje-co.org/donations, please include in your Gift Comment that you want the gift designated for “Child Care Programs.”
Anyone considering the credit should consult with their personal tax adviser to confirm the effects on their individual finances. For more information, please visit the Colorado Department of Revenue website and click on “Income FYI Publication 35.”