Charitable Contributions Tax Credits & Subtractions
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Colorado has many tax credits and subtractions. These help boost charitable giving and offer tax savings for residents. By contributing to eligible organizations, Coloradans may qualify for tax credits. These credits and subtractions can significantly reduce your state tax bill. This helps you save money and make a positive impact in your community. Be sure to explore which contributions qualify and how these benefits can work for you.
Child Care Contribution Credit
A nonrefundable credit is allowed to a taxpayer who makes a monetary contribution to a qualifying child care facility or program in Colorado. The credit is equal to 50% of the total contribution but may not exceed $100,000 for any single tax year.
Required forms: DR 0104CR and DR 1317 prepared by the qualifying child care facility or program
Additional guidance: Income Tax Topics: Child Care Contribution Credit
Colorado Homeless Contribution Credit
A nonrefundable credit is allowed to a taxpayer who makes a monetary or in-kind contribution to an approved nonprofit organization or project. The credit is equal to 25% of the total contribution (or 30% for contributions made to approved organizations and projects in underserved, rural counties) but may not exceed $100,000 for any single tax year.
Required forms: DR 0104CR
Additional guidance: DOH.Colorado.gov/hctc
Enterprise Zone Contribution Credit
A nonrefundable credit is allowed to a taxpayer who makes monetary or in-kind contributions to an enterprise zone administrator or certified program. The credit is generally equal to 25% of the value of the contribution but may not exceed $100,000 for any single tax year.
Required forms: DR 0104CR
Additional guidance: Income Tax Topics: Enterprise Zone Contribution Credit
Qualifying Charitable Contribution Subtraction
An income tax subtraction is allowed to individuals who claim the standard deduction, rather than itemized
deductions, on their federal income tax returns. The subtraction is allowed for the aggregate amount of qualifying charitable contributions they make during the tax year in excess of $500.
Required forms: DR 0104AD
Additional guidance: Income Tax Topics: Charitable Contributions
Helping You Save Money with Tax Benefits
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Tax Credits for Higher Education
Ready to take the next step in your education? Colorado offers a variety of opportunities to further your learning. From community colleges to universities, you can find the right fit to achieve your goals. Visit the Colorado Department of Higher Education to explore your options and learn more about available resources and programs. Learn More About Tax Credits For Higher Education.