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Empire Zone Capital Credits
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Empire Zone Tax Credits
Capital District YMCA's new Greene County YMCA designated a "Community Development Project"
In August 2007, the Capital District YMCA's project to build a new Greene County YMCA was designated as a "Community Development Project" by the Empire Zone. Empire Zones are designated areas throughout the State that offer special incentives to encourage economic and community development, business investment, and job creation.
This enabled the Capital District YMCA to be approved to offer $500,000 in Zone Capital Credits for qualified contributions to their Greene County YMCA capital campaign.
Subject to the following criteria, these will be given to the first $2,000,000 in qualified contributions we receive to the Greene County capital campaign while we have this approval and will be eligible for these tax credits.
Donations are qualified by meeting the following criteria:
- minimum contribution of $1,000, with a maximum of $400,000 (this is a lifetime maximum for a taxpayer)
- contribution is made on or after 8/31/07
- contribution is monetary, made of cash or check (stock, bonds, real estate or other in-kind property or services will not qualify)
- contribution is designated to the YMCA Greene County capital campaign
The credit is equal to 25% of your cash contribution to the Greene County capital campaign. This credit is in addition to the standard charitable deduction you receive on the Federal and NYS Tax Return. The following chart illustrates how beneficial a contribution eligible for this credit can be:
| Amount of qualified contribution |
$1,000 | $5,000 | $10,000 | $25,000 | $50,000 |
| Less Value of Tax Credit |
$250 | $1,250 | $2,500 | $6,250 | $12,500 |
| Less Value of charitable deduction |
$330 | $1,650 | $3,300 | $8,250 | $16,500 |
| Net cost of contribution |
$420 | $2,100 | $4,200 | $10,500 | $21,000 |
This chart is provided for illustrative purposes only. It is assumed that the contribution is a qualified contribution for NYS Empire Zone Capital Credits and taxpayer is in the 28% Federal and 6.85% NYS income tax brackets. The percentage of each contribution offset by the potential tax savings is 58%.
We encourage you to contact your tax advisor to determine the actual tax benefit for your contribution.
To claim your credit:
- you must complete a "Claim for EZ Capital Tax Credit" Form Z7 and have it notarized
- we need all original signatures on the Z7 forms that are submitted by contributors
- completed and notarized forms should be sent to the Capital District YMCA Administrative Office, attn Regina Lagatta, 465 New Karner Road, 2nd Floor, Albany, NY 12205
- no faxed forms will be accepted
- a Z7 form can be accessed by clicking here
- when your form is received by the YMCA we will continue the process and you will receive a credit certificate in advance of the tax filing deadline
If you or your advisor have questions regarding the Empire Zone credits or how to apply, please contact Regina LaGatta at (518) 896-3500, extension 9920, or via email: RLagatta@cdymca.org.
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