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Tax Benefits
The M & M Area Community Foundation is classified under federal tax laws as a 501(c)3 public charity. Donors enjoy maximum tax advantages for income, capital gains, gift, and estate purposes. The State of Michigan also recognized contributions to the community foundations with a special tax credit.


Michigan Tax Benefits

The state of Michigan encourages gifts to permanent endowments of community foundations with a 50% direct Michigan Income Tax Credit or Michigan Single Business Tax Credit. It applies to all endowment gifts up to:

  • $200 for an individual who is single, or married and filing separately
  • $400 for a married couple filing jointly
  • $5,000 or 10% of the tax liability before any credits (whichever is less) for businesses filing Single Business Income Tax Returns.

The Michigan Community Foundation Tax Credit is separate from, and not reduced by, existing Michigan credits for contributions to other authorized non-profit and charitable organizations.

Wisconsin Tax Benefits

The state of Wisconsin does not have a special community foundation tax credit, but all contributions to the foundation are regularly deductible under both Wisconsin and federal tax codes.
Last Updated ( Wednesday, 30 April 2008 )
 
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