Whether an individual or business, the opportunity to reduce tax obligation by contributing some or all of those dollars to InterUrban Arthouse is significant...
Overland Park, KS (PRWEB) October 20, 2016
The Kansas Department of Commerce annually awards Community Service Tax Credits (CSTC) to several nonprofits engaged in capital campaigns. InterUrban ArtHouse in Johnson County, Kansas, was awarded $220,000 of CSTC for 2016.
"InterUrban ArtHouse's Capital Campaign is funding the purchase and renovation of the old Overland Park Post Office to create studios, a community cultural classroom, exhibition space and to transform the loading dock into a cafe and community porch for cultural activities," said InterUrban ArtHouse director, Nicole Emanuel.
InterUrban Arthouse is still offering just over $100,000 in tax credits for Q4 2016, ending December 15, 2016.
“Whether an individual or business, the opportunity to reduce tax obligation by contributing some or all of those dollars to InterUrban Arthouse is significant because tax credits go much deeper than charitable deductions,” said Emanuel.
The purchase of the tax credits enables any Kansas resident or business with Kansas tax liability to support InterUrban ArtHouse and eliminate the liability at fifty cents on the dollar. Supporters can also combine a federal tax deduction for the remaining portion of the contribution. InterUrban ArtHouse is also issuing another $87,500 in dollar for dollar tax credits.
$103,950 in 2016 KS tax credits for donations at $0.50:$1.
These credits are issued $0.50:$1 for donations to the InterUrban ArtHouse Capital Campaign before December 2016. Example - A donor gives $1,000 to InterUrban ArtHouse. The ArtHouse issues that donor $500 a Kansas tax credit certificate and the donor may still take the itemized deduction for the other $500 donated. (The minimum donation is $250, which provides $125 in credits)
$87,500 in KS tax credits for sale $1:$1.
These credits are available for sale $1:$1 to support InterUrban ArtHouse Capital Campaign before December 2016. Example - A donor buys $1,000 in Kansas tax credits and eliminates $1000 of Kansas tax liability. (These tax credits total $87,500 and will be sold in two lots: $50,000 and $37,500)
“There’s still plenty of time to work with the InterUrban ArtHouse, but now is the time to take advantage of this significant tax saving opportunity,” said Emanuel.
Interested parties should contact InterUrban ArtHouse at: (913) 432-1916
The Mission of the InterUrban ArtHouse is to enrich the cultural and economic vibrancy of the community by creating a place where artists and creative industries can work and prosper in an affordable, sustainable and inclusive environment. Please see our website for details: http://www.interurbanarthouse.org/taxcredits2016/
Capital campaign information may be found at: http://www.interurbanarthouse.org/the-post-office/
Please consult your licensed tax professional to explain how these credits can impact your taxes. InterUrban ArtHouse is approved to issue Kansas tax credits and cannot provide specific tax advice.