EDEZ Information
By making a contribution by check (at this time contributions through credit cards are not eligible) to the Upstate Colorado 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 in addition to your normal deduction. The Upstate Colorado Enterprise Zone Fund is administered by the Upstate Colorado 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.
