|
|
||||||||
|
|
|
|
|
|
|
|
|
|
FLORIDA STATE TAX CREDIT PROGRAM
If so, you have the ability to receive tax credit from the State of Florida through the State of Florida Community Contribution Tax Credit Program (CCTCP), while you support Habitat for Humanity of Hernando County! The Community Contribution Tax Credit Program provides an incentive (50% tax credit, up to $200,000 per donor annually) to encourage Florida corporations to make donations toward community development and low-income housing projects. Habitat for Humanity of Hernando County recruits sponsors that agree to the cost of sponsorship and participation in the Community Contribution Tax Credit Program through either a sales tax credit or income tax credit. The Sponsor makes a cash donation payable to Habitat for Humanity of Hernando County. Habitat for Humanity of Hernando County prepares the Tax Credit Application with appropriate supporting documentation for signature by the Sponsor. Part of the supporting documentation required by the State is proof of donation through a copy of the donation check. The State starts receiving CCTCP applications July 1 of each year and approves the application until all approved funds are expended. ($20,000,000 in 2007) The signed application is forwarded to the Office of Tourism, Trade and Economic Development (OTTED) for approval. The approval process takes seven to ten working days. OTTED sends a letter of confirmation of tax credit approval to the Sponsor and a copy to Habitat for Humanity of Hernando County. In the case of an income tax credit the Sponsor is responsible for filing the approval letter with their tax return, and the amount of the tax credit is returned to the Sponsor by the State. If a sales tax credit is approved, Habitat for Humanity of Hernando County prepares Department of Revenue form DR-26S (Application for Refund of Sales and Use Tax) for the Sponsor's signature and forwards it to the Department of Revenue. The refund arrives to the sponsor in 4-6 weeks. The State will provide a tax credit or sales tax refund equal to 50% of a straight capital donation. The Sponsor is then able to apply the other 50% of the donation, appropriate, as credit to State and Federal Income Tax. There is a second method of receiving tax credit. When a Sponsor makes a cash donation payable to Habitat for Humanity of Hernando County for sponsorship of a home and agrees to provide employees or recruit volunteers that will contribute a significant amount of the total labor for the construction of the house they receive a tax credit or sales tax refund based on the appraised value of the newly constructed Habitat home. Four example: the sponsor donates $45,000 to Habitat for Humanity of Hernando County and provides employees or recruits volunteers for the project. The completed home appraises at $90,000. The Sponsor will receive a tax credit of $45,000 (50% of the appraised value). The Sponsor must provide both the cash donation and a significant portion of the volunteer labor for construction. Habitat for Humanity of Hernando County is a non-profit ecumenical Christian ministry dedicate to building simple, decent, affordable housing for people living in sub-standard and over-crowded conditions beyond their control. Families are chosen for Habitat houses based on; need, ability to repay a no-profit, no-interest mortgage and their willingness to become personally involved in supplying "sweat equity" in the construction of theirs and other, Habitat homes. By partnering with individuals in the community we can provide affordable, simple, adequate housing that allows families to become home owners. Their mortgage payment money is used to build more homes. While this can seem complicated please contact our office and we will send Habitat officers out to you to discuss, how your company can partner with Habitat through the Community Contribution Tax Credit Program. We can give you examples and contacts to companies here in Hernando and other local counties who have previously participated in the program. Together we can help to build better lives for low income families in our community. Contact us for more information: Mailing: P.O. Box 15389, Brooksville, FL 34604 Phone: 352-754-1159 Hours: Monday through Friday from 9 a.m. to 4 p.m. |
VIEW OUR SITE MAP Mailing Address Office Telephone Fax Number |
|
about habitat | volunteers | donors & sponsors | thrift store | news & events | current construction | contact us | site map Website Hosted & Maintained by Arnold Creative Services |