Colorado has something incredible called the Child Care Contribution Tax Credit. Taxpayers that make a qualifying monetary contribution to promote child care in Colorado may claim an income tax credit of 50% of the total qualifying contribution. The credit a taxpayer can claim for qualifying contributions made during a tax year is limited to $100,000. In-kind contributions of services or property (non-monetary donations) do not qualify for the credit.
So if you donate $1,000, you will get a $500 tax credit back towards your Colorado State income tax return. Amazing. Additionally, if you itemize on your federal returns, you will receive a federal tax deduction for donating to our 501(c)3 non-profit school, making your out of pocket expense even less. This tax credit is a win-win for Dragonfly and for donors.