Community Investment Tax Credit (CITC)
Community Investment Tax Credit (CITC) donations provide the donor with a 50% tax credit against any Commonwealth of Massachusetts tax liability you may have or a refund, even if you do not owe any income taxes. That means when you donate $1,000 to Allston Brighton CDC through the CITC program, you get $500 of it refunded when you file your taxes.
By making a CITC donation, you invest in Allston Brighton CDC’s Community Investment 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
- Individuals and corporations can benefit by donating
- Refundable tax credit, even if you do not owe any income tax
How to Receive Your Tax Credit
Step One: Make Your Donation
You may do this by mailing a check to Allston Brighton CDC or donating online.
When you donate online, you have the option to make a one-time payment or multiple payments. Please note in order to qualify for the tax credit, the full donation must be received by December 31st of the calendar year you wish to use the credit in. Also note that Allston Brighton CDC has a limited amount of tax credits each year – the earlier we know of your commitment, the better.
Step Two: Obtain Your CITC Certificate
Massachusetts Department of Housing and Community Development (DHCD) will issue your CITC Certificate. To obtain the certificate, login to DHCD’s CITC website and complete Part I. Please note that donors complete Part I only and Allston Brighton CDC completes Part II. If you have never logged into this portal before, we can provide you with a username and password – please contact our Resource Development & Communications Manager, Sean Tatar, to set this up.
After all information for Part I is complete, you must first click Save Answers and Resume Later then click Next. At the prompt, enter firstname.lastname@example.org to notify us that you’ve completed Part I. Allston Brighton CDC will then complete Part II to finalize the process.
DHCD will issue you your CITC Certificate with your unique Massachusetts Department of Revenue (DOR) certification number. You will enter this number on your tax filing to claim your credit.
You will receive your CITC Certificate in the mail four to six weeks after completing this process, so please plan accordingly.
Please consult your tax advisor regarding questions specific to tax filing and to determining final out of pocket cost.