If ever there was a year when we could all use $1200 dollars worth of bang for $240 worth of buck, this is it. Maybe everyone else knows about it already, but I didn't get it until a few years ago. There are three Michigan Tax Credits that get us off our asses to make charitable donations in the categories the State has anointed with 50% rebates. And, since a charitable donation also reduces our taxable income, each $400 donation toward our lovely state ends up actually costing only about $80. This year it seems particularly important since food pantries' budgets (indeed almost all non-profit funds) have dropped precipitously while the need is multiplying like grains of sand.
The tax credit categories (more detail on pg. 15) are the:
- Homeless Shelter/Food Bank Credit
- Public Contribution Credit (for Michigan Public Radio, Educational Institution, Art, etc.)
- Community Foundation Credit (need their 2-digit code from pg. 44)
Community Foundation and Homeless Shelter/Food Bank Credit