Community Investment Tax Credit (CITC)
The Community Investment Tax Program is designed to inspire giving to community development corporations
What is it?
Community Investment Tax Credit (CITC) donations provide you with a 50% tax credit through the State of Massachusetts, even if you do not owe any income taxes. That means that you or your company can make $1,000 impact on the ABCDC while only spending $500!
Benefits to you:
- 50% tax credit on donations of $1,000 or more
- Refundable tax credit, even if you don’t have any income tax
- Your gift is leveraged to produce more impact in Allston Brighton
If you’ve supported the ABCDC in the past, you can double your gift! Let’s say you gave $1000 last year. This year, you can increase your gift to $2,000 and invest more in our programs. BUT your net cost will be the same because you get a $1,000 tax credit.
It’s simple- make double the impact for the same donation!
Making a donation is easy. Contact Sean Tatar, Resource Development and Communications Manager, if you are interested in making an investment. Credits are limited so don’t delay!
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.