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Tax Benefits
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Giving through your community foundation qualifies you for big savings through the Michigan Community Foundation Tax Credit. For example, married donors, filing jointly, can receive a 50% tax credit of up to $200 on a gift of $400 to a permanent endowment fund. A single person can receive a $100 tax credit on a gift of $200, and Michigan businesses have the potential to receive up to a $5,000 tax credit (not to exceed 5% of total Michigan Business Tax) on a gift of $10,000.
For example a married couple in the 25% tax bracket and itemizing on their federal income tax could leverage $150 into $400.
Contribute to a Foundation endowed fund..............$400
Receive the Michigan Tax Credit..........................($200)
Receive the federal deduction...............................($50)
Net cost of contribution.........................................$150
A gift to any of the endowed funds at the Lake County Community Foundation qualifies for the State Tax Credit.
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“Giving through your community foundation qualifies you for big savings through the Michigan Community Foundation Tax Credit.”
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