Space Foundation Designated an Enterprise Zone

As part of the planned move to a new headquarters facility in Colorado Springs, the Space Foundation has been designated as an El Paso County (Colo.) Enterprise Zone project. This means that contributions of $250 to $100,000 made to the Space Foundation are now eligible for a 25 percent Colorado state tax credit and that in-kind contributions up to $50,000 are eligible for a 12.5 percent Colorado state tax credit. The deduction applies only to Colorado State income taxes.

The Space Foundation is seeking donations to support renovation and construction of public facilities that will enhance visitors’ understanding of the positive impact of space on our lives on Earth. In addition, the Space Foundation welcomes contributions to provide education programs for teachers and students. In-kind contributions could include services, materials, furnishings or space artifacts.

A tax credit is a direct dollar-amount reduction in tax liability that is not affected by a tax bracket or any other criteria. In other words, a person making a $1,000 contribution to the Space Foundation would have his/her Colorado State taxes reduced by $250 dollars. The donor is also eligible for additional bracket-dependent federal and state deductions for contributions, as well.

For example: if you are in the 28 percent tax bracket and you make a $1,000 contribution to the Space Foundation, you could be eligible for the $250 tax credit plus a $267 federal tax deduction plus a $46 state tax deduction, making the actual out-of-pocket impact to you only $437 – while the Space Foundation enjoys the benefit of the full $1,000. Because deductions can vary, you should consult a tax advisor for details on specific tax liabilities.

To take advantage of an Enterprise Zone tax credit, make your donation check out to the “Enterprise Zone Administrator,” noting “Space Foundation” on the memo line. Mail your donation check to the Space Foundation, 4425 Arrowswest Drive, Colorado Springs, CO 80907 att: Margo Hatton.

The donation will then be processed by the Space Foundation Development Office and a tax certificate will be mailed to you from the El Paso County Enterprise Zone Administrator. For information on in-kind donations and an Enterprise Zone in-kind tax credit, contact Space Foundation Manager – Development and Education Partnerships Margo Hatton at [email protected] or 719-576-8000.

This article is part of Space Watch: February 2011 (Volume: 10, Issue: 2).