Enterprise Zone Tax Credit

The state of Colorado allows you to take a 25% tax credit on your state income taxes when you donate to Building Sanctuary | Rebuilding Lives.

A large part of your donation comes back to you in various tax credits and deductions, significantly reducing the after-tax cost of your donation as illustrated below in the table.

*Figures in table are based on a 33% tax bracket & information should not be construed as tax advice. Consult your tax adviser as situations may vary.

What is an Enterprise Zone?

Enterprise Zones exist to encourage private involvement and investment in economically distressed areas. Mind Springs Health operates the only inpatient psychiatric hospital between Denver and Salt Lake City, UT that’s designated as an Enterprise Zone Organization. Cash contributions made via the Enterprise Zone and designated to West Springs Hospital are eligible. The designated zone is Mesa and the minimum contribution is $50.00. There is an annual maximum tax benefit of $100,000.00.

What kind of donations might qualify?

• Stock and substantiated in-kind contributions also qualify for a tax credit. If such stock gifts are accompanied by a cash gift of at least 1/7 of the stock value, then the entire 25% tax credit is available. If 1/7 of the stock value is not contributed in cash, the tax credit is 12.5%. Consult your personal tax adviser for further details.
• Your donation still qualifies as a charitable deduction on your Federal income tax.
• You can take advantage of the tax credits regardless of whether you itemize or not.
• Both individuals and corporate donors can benefit from this tax credit program.
• You are required to file your tax return electronically.

*As the donor, you must provide Mind Springs Health with your Colorado Taxpayer Identification Number (Social Security Number, Colorado Account Number, or FEIN number).

*The Colorado Taxpayer Identification Number is required in order to process this tax credit. Without the Taxpayer Identification Number, we are unable to send your donation to the Enterprise Zone Administrator for certification and thus unable to process your donation as an Enterprise Zone contribution.

As a participating agency, the state government requires Mind Springs Health to submit all donations to this tax credit to the Enterprise Zone Administrator for approval. The Enterprise Zone Administrator collectively processes donations on a semi-annual basis. Once the Enterprise Zone Administrator has approved your donation for tax deduction, Mind Springs Health will mail your Tax Credit Certificate to your mailing address on file.

For more information on taxes, visit the Colorado Department of Revenue website and review their “FYI Income 31” publication. Please consult your accountant or tax specialist regarding your unique tax situation. If you need a Colorado Account Number, please visit www.colorado.gov/revenueonline.