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Child Care Tax Credit
At the end of 2010 the Child Care Credit will be suspended until Colorado has a budget surplus. So if you would like to take advantage of the credit, donations must be postmarked by December 31, 2010.
The Child Care Contribution Credit was designed to promote effective child care in the State of Colorado. Save Our Youth has been recognized as one of these child care providers. Thus, all Save Our Youth donors qualify for the Child Care Contribution Credit on their Colorado Income Tax Forms. Donors who make a monetary contribution to Save Our Youth may claim a state income tax credit of 50 percent of their total contribution. For more information, please consult your tax advisor.
Documentation
Save Our Youth will provide all donors a Form DR 1317 certifying the child care contribution with the Colorado Department of Revenue.
Limitations
- The credit allowed can not exceed $100,000 per year.
- The credit allowed can not exceed the tax liability for the year. Any excess credits may be carried forward for up to five years.
