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El Paso County Enterprise Zone Tax Credits and benefits under the COVID Relief Bill could increase your tax deductions at filing time.

Jump to COVID Relief Bill

Enterprise Zone Giving

Contributions to the FAC of $500 or more* are eligible for a 25% tax credit on your Colorado state taxes through the Pikes Peak Enterprise Zone (EZ). To make a gift to the FAC through the EZ, follow these simple steps:

  • Make your check payable to the Pikes Peak Enterprise Zone
  • Include ‘FAC’ and the last four digits of your Social Security Number in the memo
  • Mail your check to the FAC at: 30 W. Dale St., Attn: Development, Colorado Springs, CO 80903

We will process your donation with the necessary paperwork. You will receive a receipt from the FAC for your gift right away and approximately 30-45 days later, tax credit paperwork from El Paso County.

Please note that checks must be postmarked December 31 to ensure receipt of the tax credit for that calendar year.

*The portion of Director’s Circle membership that qualifies for EZ tax credit is less any tangible benefits (unless waived). A separate check for the membership balance can be paid directly to the FAC.

EZ tax credits are not available for Curtain Call or other donations restricted to specific programs or projects.

COVID RELIEF BILL

The COVID Relief Bill (CRB) passed in December 2020 continues increased tax benefits for individuals and businesses who make charitable contributions in 2021.

Standard Deduction

If you plan to take the standard deduction (non-itemized) on your 2021 tax return, the CRB boosts increased ‘above-the-line’ tax deductions, originally created by the 2020 CARES Act, through 2021.  The deduction for individuals remains up to $300 for donations to charitable organizations. For married couples filing jointly however, the deduction is increased to up to $600 for donations made to charitable organizations. Any donation to qualifying charities, up to these limits, will be added to the standard rate of deduction.

Itemized Deduction

For 2020 tax returns with itemized charitable gift deductions, the CARES ACT allowed you to take a tax deduction, up to 100% of your Adjusted Gross Income (AGI), for contributions to qualifying charities. The CARES Act lifted the 60% of AGI limit for cash donations made in 2020. It is expected that this benefit will continue through 2021.

Corporate Donations

For corporate donors, the CARES Act allowed an entity to take a tax deduction of up to 25% of their Adjusted Tax Income for contributions to qualifying charities starting in 2020. The CARES Act lifts the 60% of AGI limit for cash donations made in 2020. It is expected that this benefit will continue through  2021.

This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.