Michigan Community Foundation Tax Credit
In addition to your normal charitable deduction for federal income tax purposes, your gifts to an endowment fund at the Community Foundation also qualify for the Special 50% Michigan Community Foundation Tax Credit.
This law allows donors to reduce their Michigan Income Tax or their Single Business Tax Liability by up to 50% of their gift as follows:
- Married couples making gifts up to $400 can take a $200 Michigan tax credit the following year
- Single donors can take up to a $100 Michigan tax credit for gifts of at least $200
- Taxpayers filing a Michigan Single Business Tax return can take up to a $5,000 credit
This credit is in addition to those available for donations to Michigan colleges and universities, public libraries, public broadcasting stations and homeless programs. Your donation continues to be deductible as a charitable gift for federal income tax purposes. Talk to your CPA or financial advisor for more information.
Disclaimer: The Community Foundation of St. Clair County is not engaged in rendering legal or tax advisory service. The purpose of this website is to provide accurate and authoritative information of a general nature.
