AAFCPAs to Present CITC Information Session for the benefit of taxpayers and CDCs
AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Matt Troiano, CPA, in collaboration with AAFCPAs’ client Somerville Community Corporation, will present a Community Investment Tax Credit (CITC) information session on October 20 in Medford, MA.
The CITC was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs), especially in low and moderate income neighborhoods. The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan. This Massachusetts refundable CITC is significant as Massachusetts does not traditionally allow deductions for general charitable contributions.
In this information session, AAFCPAs will clarify the details of the program, and encourage advisors to bring this advantageous tax credit program to the attention of their clients. AAFCPAs will be joined by Joe Kriesberg, the President of the Massachusetts Association of Community Development Corporations (MACDC), which is a community support organization designated by the Commonwealth to provide training and technical assistance to CDCs.
AAFCPAs is please to share our expertise on this topic for the benefit of our client, taxpayers, and all CDCs.
October 20, 2015
8:00 am – 9:00 am
Century Bank Community Room
400 Mystic Avenue, Medford, MA