Join us to learn about the Community Investment Tax Credit and how it may benefit your Financial Institution.
The Community Investment Tax Credit (CITC) provides a 50% tax credit against Commonwealth of Massachusetts tax liability. The CITC program is a refundable tax credit. Donors will invest in a CDC’s Community Investment Plan i.e. a CDC business plan, providing flexible working capital that can be used to seed new programs, fill funding gaps and leverage other resources. If the donor does not have sufficient tax liability, the credit is refundable, whereby the Commonwealth will issue a check for the balance of the credit to the donor. The maximum donation each year of the program is $2 million per tax paying entity. The minimum donation each year is $1,000.
Speakers will include:
- John Fitterer, MACDC
- Aida Franquiz, Boston Private
- Jennifer Constable, DHCD