Get the most for your charitable gift
The CARES Act for Charitable Gifts and El Paso County Enterprise Zone Tax Credits could increase your tax-deductions at filing time.
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.
CARES Act for Charitable Gifts
The CARES Act includes increased tax benefits for individuals and businesses who make charitable contributions in 2020.
If you plan to take the standard deduction (non-itemized) on your 2020 tax return, the CARES Act allows you to take an ‘above-the-line’ tax deduction of up to $300 for donations to charitable organizations. For reference, the 2020 standard deductions are: $12,400 for individuals and $24,800 for married couples filing jointly. Any donation to qualifying charities, up to $300, will be added to the standard rate of deduction. This deduction will continue into future tax years.
If you plan to itemize your deductions on your 2020 tax return, the CARES ACT allows you to take a tax deduction, up to 100% of your Adjusted Gross Income (AGI), for contributions to qualifying charities. The CARES Act lifts the 60% of AGI limit for cash donations made in 2020.
For corporate donors, the CARES Act allows 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.
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.