Community Investment Tax Credit (CITC)
What is the Community Investment Tax Credit?
- The Community Investment Tax Credit (CITC) supports community led development initiatives and strong local partnerships by leveraging private contributions
- An incentive for cash donations over $1,000
- It is a refundable tax credit – 50% of the donation is credited directly against a donor’s tax obligation. If the tax credit is greater than the donor’s tax liability, the state will refund the remainder
What the CITC is
- The Community Investment Tax Credit (CITC) is designed to encourage encourage and build individual and small business giving to Community Development Corporations (CDCs)
- A program that will encourage the deeper involvement in a CDC of a wide variety of community stakeholders
- An incentive for new cash donations over $1,000
- It is a refundable tax credit – 50% of the donation is credited directly against a donor’s tax obligation
- Provides over $15,000 impact on the CDC for a net $5,000 donation
What the CITC is not
- It is not a Social Impact Investment
- It is not a Program Related Investment
- It is not an investment.
- This credit is available only through a charitable cash donation to a certified CDC
For more information about the CITC program, please contact Angela S. Yarde, Associate Director of Resource Development at firstname.lastname@example.org or (617) 825-4200.