Colorado Essentials for Childhood is a partnership of stakeholders who are committed to a future where children and families thrive in the places where they live, learn, work and play. Our ultimate goal is to prevent and reduce child abuse and neglect in our state.

Monday, November 2, 2015

Taxpayers and businesses that make a qualified monetary contribution can claim a CO income tax credit for 50%

The Colorado Child Care Contribution Tax Credit (CCTC) is a valuable resource for qualified child care providers with thousands of individuals taking advantage of the opportunity to support early childhood and receive a financial incentive. CCTC enables individual and business taxpayers that make a monetary contribution to promote child care and early education in Colorado to claim a state income tax credit of 50% of the total qualifying contribution. The credit was established in 1999 and is authorized by state statute through tax year 2019. However, CCTC was not fully available 2011 through 2014 due to a legislative “trigger” that was placed on the credit.

Effective January 1, 2015, the tax credit was fully restored. Nevertheless, the effects of the legislative “trigger” created a loss of millions of dollars to the early childhood provider community during the tax years 2011-2014. In an effort to re-introduce the Colorado public to its existence, as well as the importance, of CCTC, Executives Partnering to Invest in Children (EPIC) has agreed to facilitate a coalition (the “Coalition”) of business, community and government leaders with the goal to bring taxpayer contributions back to pre-recession levels.

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