In the News...Senate Bill could Extend Non-Profits' Chance for Income Tax Donations
Senate Bill 172, which would help extend the tax check-off program that benefits a wide range of charitable causes, passed an initial vote in the House on Friday. In 1977, Colorado became the first state to create a tax “check-off” allowing taxpayers to voluntarily contribute to an organization on their income tax form. Check off Colorado allows taxpayers to contribute to various organizations listed on the Colorado Individual Income Tax Return Form 104 by donating a portion of their income tax refund or increasing the amount owed on their tax return. For check offs that appeared on the 2008 state income tax form, total donations were $1.7 million. A total of 26 different check-offs have raised about $36.5 million in donations since the program’s inception in fiscal year 1977-78. SB 172 will extend three check-offs so that they can appear on the 2010 income tax form: the Pet Overpopulation Fund, the Colorado Domestic Abuse Fund, and the Colorado Breast and Women’s Reproductive Cancers Fund. The bill was sponsored by Rep. Dianne Primavera, D-Broomfield, and Senator Pat Steadman, D-Denver, in the Senate. | Search |
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