Sunday, October 30, 2011

State tax credits expiring in two months

There are two Michigan state tax credits that are expiring at the end of 2011: contributions to public agencies, including public radio and TV stations, and contributions to food banks and homeless shelters. Both of these credits are limited to 50% of the contribution or $100, whichever is less. Both will be discontinued beginning in 2012.

The fact that these are credits essentially means that you can redirect that much of your state tax payments to these recipients.

The complete listing of public agencies, from the instructions to the state tax return:

Gifts qualify for credit if given to:
• Michigan colleges or universities and their fund-raising organizations
• The Michigan Colleges Foundation
• The State Art in Public Places Fund
• The Michigan Historical Museum
• Michigan public libraries
• Michigan public broadcasting stations
• A Michigan municipality, or a nonprofit corporation affiliated with a Michigan municipality, for an art institute in that municipality or to benefit the art institute (art institutes are those whose primary function is the displaying and teaching of visual arts)
• The State of Michigan for the preservation of State archives.

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