The Community Investment Tax Credit (CITC) provides a 50% tax credit against Commonwealth of Massachusetts tax liability. The CITC program is a refundable tax credit.
By making a CITC donation you invest in Allston Brighton CDC’s Community Investment Plan i.e. our business plan, providing flexible working capital that can be used to seed new programs, fill funding gaps and leverage other resources. If you do not have sufficient tax liability, the credit is refundable, whereby the Commonwealth will issue a check for the balance of the credit to you directly. The minimum donation each year is $1,000. The maximum donation each year of the program is $2 million per tax paying entity.
- Considerable tax savings
- Both individuals and corporations can take advantage of this tax credit
- Any excess tax credit is refundable