Capital Campaign
Capital Campaign Designated On February 8th, 2006, the YMCA of Saratoga was advised by the Saratoga Economic Development Council of our acceptance into the Empire Zone by the State of New York. Empire Zones are designated areas throughout the State that offer special incentives to encourage economic and community development, business investment, and job creation. What this means to our donors Making a charitable contribution to an entity within the Empire Zone has a direct impact on the donor by providing the donor with a 25% tax credit against the donor's New York State tax return. The following chart illustrates just how beneficial this credit can be. Based on a combined marginal state/federal income tax rate of 35.5% the net cost is only 39.5% of the amount contributed!
This chart is provided for illustrative purposes only. Because each person's tax situation is different, it is very important to determine the actual tax benefit for your contribution. Please contact your income tax advisor. Chart assumes contribution is a qualified contribution for NYS Empire Zone Capital Credits (see below) and taxpayer is in the 28% Federal and 7.5% NYS income tax bracket. How the Credit will be calculated The credit is equal to 25% of your cash contribution and is calculated on the New York State Tax Return. This credit is in addition to the standard charitable deduction you receive on the Federal and NYS Tax Return. How to qualify for the Empire Zone Tax Credit
How long will the credits be available? It is important to note that we are only permitted to give out $500,000 in Zone Capital Credits, meaning that only the first $2,000,000 in contributions we receive while we have Empire Zone approval will be eligible for these tax credits. Once the credits are exhausted the time frame for receiving favorable Empire Zone tax treatment will be closed and no further credits issued. Credits are issued on a "first come, first served" basis. We currently have over $2.5 million in receivable pledges and continue to solicit prospective donors to the Capital Campaign. Due to the volatile nature of the process of achieving and keeping empire zone status, it is our recommendation that to secure zone credits on your pledge, you make payment on the pledge in a timely fashion. How to Claim Your Credit Donors must complete a "Claim for EZ Capital Tax Credit" Form Z7 and have it notarized. We need all original signatures on the Z7 forms that are submitted by contributors. No faxed forms will be accepted. Please return the form to the YMCA of Saratoga, 290 West Ave., PO Box 4610, Saratoga Springs, NY 12866 along with the qualifying payment. We will continue the processing and you will receive a certificate from the State of New York to include with your State Incoming Tax filing. Please click on the links below for the Community Development Report and appropriate forms and instructions for the application. If you or your tax advisor have any questions regarding the Empire Zone credits or how to apply, please do not hesitate to contact Kelly Armer at 583-9622 ext.106 or email at Kelly@ymcasaratoga.org Forms to use to claim your credit Community Development Z7 Report Instructions for Form IT602 for individual contributors Form IT602 for individual contributors Instructions for Form CT602 for corporate contributors Form CT602 for corporate contributors
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Wednesday, December 31st - |
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Other Sections in Capital Campaign |
| • Project Description |
| • Building Plans |
| • Make a Gift |
| • Donors |
| • Contact Information |
| • Campaign Home |
| • Empire Zone Credit |
