Colorado Child Care Contribution Tax Credit Fund of The Lake County Community Fund
The Colorado Child Care Contribution Tax Credit promotes childcare in the state for children ages 12 and under. Donors who make a qualifying contribution to promote childcare in Colorado may claim a state income tax credit of 50% of the total qualifying contribution. The Lake County Community Fund has established the Lake County Early Care and Education Fund that supports qualified organizations providing eligible childcare services. Gifts made to the Fund are tax-deductible and eligible for
the credit.
Frequently Asked Questions
How can I make a gift to the Lake County Early Care and Education Fund?
You can mail a check to The Lake County Community Fund specifying “Lake County Early Care Fund” in the memo line, or by choosing the fund when you make a gift online here.
Is the credit allowed for gifts of appreciated assets?
No. Only monetary contributions, including qualifying charitable distributions from individual retirement accounts, are eligible.
How do I substantiate my gift for tax purposes?
The Lake County Community Fund will provide you with Form DR 1317 along with your donation receipt.
Does the credit affect the amount of the charitable income tax deduction?
The IRS recently issued proposed regulations addressing the effect of state tax credits on charitable income tax deductions. Consult your tax advisor to understand how the proposed regulations may affect your individual situation.
Is there a limitation on the amount of the credit?
The credit a donor can claim for qualifying contributions made during a tax year is limited to $100,000. If the credit exceeds the donor’s tax liability, it may be carried over to the next year, for up to five additional tax years.
How does The Lake County Community Fund decide which organizations to distribute the contributions to?
The Lake County Childcare Coalition Committee chooses organizations aligned with the Fund’s efforts in education.
How do I know how my gift helped?
The Lake County Community Fund will provide a report annually on how the funds were distributed.
How does the credit help Lake County Community Fund?
The Lake County Community Fund relies on the generosity of individuals, corporations and foundations to meet all of our operating needs.
The Lake County Early Care and Education Fund specifically provides direct grant support to licensed childcare facilities, childcare assistance for families, professional development and financial awards to childcare providers. Your gift to the Lake County Early Care and Education Fund directly benefits families in Lake County and provides resources to enhance childcare in our community.
For more information, please contact the Lake County Community Fund: 970-393-4335
The Lake County Community Fund does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before making a gift to The Lake County Community Fund.
