20 Jun State Tax Credits Available when you support Cradle to Crayons
The McPherson County Community Foundation on behalf of Cradle to Crayons is pleased to announce they have received $166,600 in Community Service Program (CSP) Tax Credits through the Kansas Department of Commerce. The available tax credits will be used to enhance fundraising efforts for the new building project.
CSP is a popular program for Kansas nonprofits and public healthcare entities taking on major capital campaigns for projects involving children and family services, non-governmental crime prevention, youth apprenticeship and youth technical training and health care. Awarded nonprofits were chosen through a competitive application process. State tax credits reduce the total amount of taxes owed to the state. They are a way for taxpayers to substantially reduce the cost of contributing to Cradle to Crayons.
“We are thrilled for the opportunity to move our dream of a new center closer to reality.” Casie Wiens, Cradle to Crayons Director said.
The Cradle to Crayons Building project is the building of a new childcare facility. This building will be able to expand the capacity of Cradle to Crayons addressing the current demand of childcare in Moundridge. This tax credit will be used towards the portion of the building that addresses safety.
Businesses and individuals subject to Kansas income tax are eligible to receive a tax credit through this program. Donors giving at least $250 to Cradle to Crayons may qualify for a (70%/50%) tax credit. For example, a donor making a $1,000 gift receives a ($700/$500) tax credit when they file their state taxes, making the net cost to the donor only ($300/$500).
“CSP amplifies the mission of awarded community service organizations and their projects by encouraging donations through the benefit of state tax credits,” said Matt Godinez, Assistant Secretary of Quality Places. “When you donate to an awarded CSP project, you have the opportunity to support a project and receive a state tax credit to reduce your taxable income.”
If you or your business are interested in donating to the Cradle to Crayons building project, please reach out to the McPherson County Community Foundation (620) 245-9070