In 1986, the Colorado Legislature created Enterprise Zones as a way to assist businesses and nonprofit organizations located in economically depressed areas throughout the state. The Enterprise Program makes it possible for Colorado Ballet to receive a 25% state income tax credit on cash contributions of $250 or more.
What does it take to Obtain an Enterprise Zone Tax Credit?
- Donors must make a monetary contribution of $250 or more to Colorado Ballet, either online or by cash, check or credit card, specifically requesting the Enterprise Zone Tax Credit (25%.)
- Qualifying in-kind donations of (stock, valued goods) qualify for a 12.5% Enterprise Zone Tax Credit.
- Donors must have a Colorado state income tax liability to benefit from the Enterprise Zone Tax Credit.
- Donors must provide their FEIN, SSN or Colorado Account Number to Colorado Ballet.
- Tax returns must be filed electronically with the Colorado Department of Revenue
- After a qualifying contribution is received, Colorado Ballet will mail the appropriate paperwork to the donor to support their claim for tax credit.