In order to show how the Community Contribution Tax Credit Program can be used examples are shown:
Example I--Cash
1. Donor gives $50,000 cash to sponsor a Habitat house.
2. Donor provides no volunteer labor, but, instead asks Habitat to staff the build with community volunteers.
3. When the house is completed the donor files for CCTC on July 1st.
4. Tax credit/refund equal to 50% of donation is processed after 10 business days for $25,000.
Example II--Property or In-Kind Materials
1. Donor gives a property or in-kind materials valued at $50,000 to Habitat to support their ministry of providing affordable housing.
2. Donor files for CCTC on July 1st.
3. Tax credit/refund equal to 50% of the donationis processed after 10 business days for $25,000.
Example III--Cash or Property using Improved Deed Method
1. Donor gives $50,000 to sponsor a Habitat house.
2. Donor contributes volunteers to provide a minimum of 200 hours labor to build the Habitat house they sponsor. (The normal 12-week build uses 1920 volunteer hours.)
3. When the house is completed, independent appraisal sets market value of improved housing unit (not including the value of land) at $125, 000.
4. Donor files for CCTC on July 1st.
5. Tax credit/refund equal to 50% of market value of improved housing unit is processed after 10 business days for $62,500.
The above provide real examples of how the CCTCP can be used to benefit companies who provide sponsorship, partial sponsorship or donate to the building of a Habitat home for an individual or family in need of safe, decent and affordable shelter.
If you are a qualifying corporation, please contact us at the office, 863-385-7156 or contact the Office of Tourism, Trade and Ecomomic Development, 850-487-2568 and let's begin a partnership that will aid someone in need and provide a substantial tax credit/refund for your business. If you know of a qualifying business that may be willing to participate in the CCTCP in partnership with Highlands County Habitat for Humanity but doesn't have the appropriate information on the program and it's many advantages, please suggest they visit our website read what you've just read. We hope to get the word to get out about this program because it's a win/win way to make a positive impact on our community and economic development of our local businesses.
Thank you, thank you, thank you for your support of our mission, building safe, decent and affordable homes for those in need in Highlands County.