We’ve Reached Our HCTC Tax Credit Limit for 2024
The State of Colorado allocates a set amount of Homeless Contribution Tax Credits to approved nonprofit organizations each calendar year. We have officially reached our 2024 limit as of December 20, 2024, and credit is no longer available for donations made during the rest of the year.
Qualifying gifts made on or after 1/1/2025 will once again be eligible for the credit.
Thank you!
Denver Rescue Mission has been approved in 2024 for Colorado’s Homeless Contribution Tax Credit (HCTC ). This Homeless Contribution Tax Credit is available throughout the entire state for a broader range of homelessness response related activities. Going forward, you will be able to utilize this tax credit program similarly to previous years in the EZ program.
Tax benefits are: 25% of their donation (monetary or value of in-kind) as a state income tax credit for gifts of $250 or higher in cash or above $5,000 in in-kind donations (stocks, bonds, and other). PLEASE NOTE: the State of Colorado has passed legislation updating the requirements for HCTC gifts as of June 7th, 2024. This bill indicates that only the last four digits of the taxpayer’s Social Security Number rather than the full nine digits is needed to qualify. Additionally, gifts made through intermediary organizations, such as Mile High United Way and Colorado Gives, will qualify. To learn more about Colorado’s Homeless Contribution Tax Credit, visit the state’s website here.
Please note: the State limits the number of credits available to each participating organization each calendar year. Consult with your professional tax adviser to be sure the HCTC program will be of benefit to your specific tax situation.
Have questions? Need to make changes? Contact Us
How HCTC Donations Work
Homeless Contribution Tax Credits allow a dollar-for-dollar reduction in state taxes owed by an amount equal to 25% of cash donations to Fort Collins Rescue Mission of $250 or more.
1. Give a Gift of $250 or more.
Monetary donations of $250 or more qualify for HCTC.
(Certain limitations apply. Learn more here.)
2. Tell us you want HCTC tax credit.
You must indicate your desire for Homeless Contribution Tax Credit. For example, write “HCTC” on the memo line of your check. Or, when donating online, write “HCTC” in the donor comments section.
You also must call us at 303.313.2422 to provide one of the following:
- Federal Employer Tax Identification Number (FEIN)
- Or the Last Four Digits of a Social Security Number (this is a State requirement for the HCTC program).
Please do not include your SSN in a comment on an online gift, within an email or within a voicemail message. Instead, please call us at 303.313.2422 anytime between 9 AM and 5 PM, Monday through Friday, to provide your information securely by phone.
3. Receive your gift receipt and tax credit certificate.
First, within 7-14 days you will receive a tax receipt in the mail from the Mission. This is separate from the HCTC tax credit certificate.
Then, based on current processing guidelines set by the State, HCTC certificates will be mailed out on a rolling basis, and could take 6-8 weeks (or longer during busy periods*) from the time the Mission receives a qualified gift and the last four digits of a SSN from the donor. This timeline is subject to change. Electronic versions of tax credit certificates are currently not available in the new HCTC program.
You must file your tax return electronically with the Colorado Department of Revenue.
*Please expect a delay in receiving your tax credit certificate from the State of Colorado due to the change in processing.
HCTC Limitations
According to the Colorado Department of Local Affairs (DOLA), the State entity that manages the new Homeless Contribution Tax Credit Program, donations made through workplace giving programs facilitated by third-party organizations like Benevity and other intermediary or “pass-through” organizations such as Mile High United Way and the Colorado Gives Foundation will not be eligible for the 25% HCTC tax credit. Gifts made directly by your employer or handled through a payment processor or donation software platform to Denver Rescue Mission on your behalf would still qualify.
With the passing of the legislation on June 7th, DOLA now allows donations made through intermediary organizations such as Mile High United Way and the Colorado Gives Foundation will now qualify under the guidelines stated above.
Please reference the State’s FAQ document and other resources below for more details. Additionally, check with your employer to verify your workplace giving process prior to making a donation to ensure a gift qualifies.
HCTC Resources
For your convenience, we’ve gathered several HCTC resources here that can help you learn more about the program and how it may apply to your donations.
Donate Stock
A donation of stocks, mutual funds or securities can qualify for HCTC if it is a valuation of more than $5,000 and offers a number of valuable financial benefits:
- No capital gain to be recognized
- Full value of stock is tax deductible
- Stocks, bonds and most mutual funds accepted
Workplace Giving
Gifts that qualify for HCTC may also be eligible for an employer matching gift. Many employers offer matching gift programs up to one full year after you donate or volunteer grants to increase your impact in the community. Find out if your employer offers a matching gift program or volunteer grants today!
Need to Make Changes?
If the information listed on your certificate is incorrect or you are missing a certificate, please contact us at HCTC@DenRescue.org or call 303.313.2422.
We’ve Reached Our HCTC Tax Credit Limit for 2024
The State of Colorado allocates a set amount of Homeless Contribution Tax Credits to approved nonprofit organizations each calendar year. We have officially reached our 2024 limit as of December 20, 2024, and credit is no longer available for donations made during the rest of the year.
Qualifying gifts made on or after 1/1/2025 will once again be eligible for the credit.
Thank you!