Michigan’s Charitable Tax Credit To Expire At Year’s End
DETROIT (WWJ) - A leader at an area community foundation is encouraging people to take advantage of Michigan’s charitable tax credit while it lasts.
The credit – which applies to donations made to homeless shelters, food banks and public institutions– is set to expire at the end of this year.
Robin Ferriby is with the Community Foundation for Southeast Michigan, an organization that will likely be affected by the change. Still, Ferriby is optimistic.
“Michigan individuals and businesses and families will continue to support charitable causes because they believe in the mission of those charitable organizations. But, lets also remember that just because the tax credits expire on December 31st, doesn’t mean that homelessness, the need to educate our students, all those different causes do not end.”
Ferriby said there’s currently no effort to reinstate the credit.
“Michigan adults, approximately 90 percent on an annual basis, make gifts to charitable organizations. We’re a very generous state, just like most people in the United States. But what we have right now is a limited opportunity between now and December 31st, for us to invest in our fellow citizens in Southeast Michigan and throughout the state.”
The tax credit, which is different from a deduction, allows for a direct dollar for dollar reduction in what you owe. To learn more, click here.