By making a cash contribution to the Greeley/Weld Enterprise Zone Fund for the Weld Food Bank (an approved contribution project) you are entitled to receive a state income tax credit of 25 percent. The Enterprise Zone Fund is administered by the Greeley/Weld Economic Development Action Partnership (EDAP)
Tax Savings Example
| Contribution for Weld Food Bank | $10,000 |
| State Income Tax Credit (25%) | 2,500 |
| State Income Tax Savings | 460 |
| Federal Income Tax Savings | 1,890 |
| Total Tax Benefit | $ 4,850 |
| After Tax Cost | $ 5,150 |
(Illustration of 27% federal tax bracket. Higher brackets may decrease benefit due to deduction phase-out. Personal applications may vary. Please consult your tax advisor. Maximum state tax credit is $100,000 per year. S-corporation or LLC donors pass-through credit to owners.)
Gifts of stock are accepted as in-kind and will only receive a state income tax credit of 12.5%. In-kind contributions are more complicated, less advantageous and require prior approval. They are approved on a case-by case basis. Please contact the Weld Food Bank at (970) 356-2199 for approval. The EDEZ charges the Weld Food Bank a 2.5% administrative fee on all contributions.
