SCC is thrilled to announce that we have successfully reached our Community Investment Tax Credit (CITC) program goal of $80,000 for 2014! This would not be possible without the generous support of our donors, many of whom were able to receive 50% refundable state tax credits. Thank you!
2014 marks the first year of CITC in Massachusetts since the passing of Chapter 238 under the Acts of 2012, and is a program established to benefit Community Development Corporations’ (CDC) work to improve economic opportunities for low and moderate income households. For those who have donated a minimum of $1,000, they receive a tax credit equal to half of that amount. For example, for a donation of $2,000, donors will receive a tax credit of $1,000 on their return.
All participating CDC’s are allocated a certain number of tax credits equaling $3 million to leverage fundraising efforts that support our programs and affordable housing projects in Somerville. Thanks to the generous contributions in 2014, SCC has earned $150,000 in tax credits in 2015. Help us get a jump start on our $300,000 fundraising goal and benefit from the $150,000 worth of tax credits available to YOU, our invaluable donors.
Many of the local media outlets have published articles crediting the program for its benefits to CDC’s and the communities they serve. Follow the links below to read some of coverage:
- Boston Globe, December 25, 2014
- Bay State Banner, December 24, 2014
- Commonwealth Magazine, December 23, 2014
$20,000 to Raise by February 11th Annual Meeting
In addition to CITC, we are also trying to raise an additional $20,000 through our Annual Appeal by February 11th, the date of our Annual Meeting. Please consider supporting SCC as we continue our work toward keeping Somerville diverse and making Somerville more affordable and accessible for everyone.
Click here to read our Annual Appeal. Thank you for your continued support.