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?
- Considerable Tax Savings
- Individuals and Corporations can take advantage of tax credit
- 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 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. The minimum donation each year is $1,000, and the maximum is $2 million per tax paying entity.
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 617.776.5931, ext. 242 or firstname.lastname@example.org, or