Somerville Community Corporation (SCC) created the Social Equity Campaign to ensure that Somerville remains accessible to its diverse and vibrant resident and small business population, as the City is transformed by rapid development. A donation to the SCC Social Equity Campaign through the state’s Community Investment Tax Credit (CITC) program provides flexible capital to seed new programs, fill funding gaps and leverage other resources. Your CITC investment helps SCC build more affordable housing in Somerville and help residents prepare for and find good jobs.
What Are the Benefits of Donating Through CITC?
- There are considerable tax savings.
- Individuals, corporations and nonprofits can take advantage of the tax credit anywhere in the United States.
- Excess tax credit is refundable.
While supporting SCC’s community-led development initiatives, the Community Investment Tax Credit (CITC) can also provide you with a 50% donation tax credit for qualified contributions that you make each tax year if you contribute at least $1,000. If a donor does not have sufficient tax liability, the credit is refundable. And the Commonwealth will issue a check for the balance of the credit to the donor.
While this is a program of the Massachusetts Department of Housing and Community Development, those donating are also eligible for the federal charitable deduction.
Six million dollars in tax credits were made available for Massachusetts CDCs last year. The CITC program can potentially generate $66 million in new community investment through 2019.
For information on how CITC applies to SCC, how to invest in Somerville, and how to start receiving tax breaks, please contact Meridith Levy at 617.410.9911 or email@example.com, or