Important Update: Homeless Contribution Tax Credit Approved Through 2030
Denver Rescue Mission is a participant in Colorado’s Homeless Contribution Tax Credit (HCTC), which is available statewide for a broad range of homelessness response-related activities.
Through HCTC, qualifying donors may receive a Colorado state income tax credit equal to 25% of their eligible donation. This applies to individual gifts of $250 or more in cash or more than $5,000 in qualifying in-kind donations, such as stocks, bonds or other eligible gifts.
To issue the tax credit certificate, Denver Rescue Mission is required to have the last four digits of the donor’s Social Security Number on file. If you have received HCTC for a past gift, no further action is needed. You do not need to submit your SSN again or “renew” your participation. Denver Rescue Mission will continue applying HCTC to your eligible gifts as long as you make a qualifying gift, tax credits remain available, you remain a Colorado resident, or you have not stated that you no longer wish to receive HCTC.
If your SSN has already been provided, your HCTC certificate will be sent by the State of Colorado through encrypted email at a later date.
Gifts made through intermediary organizations, such as Mile High United Way and Colorado Gives, may also qualify. To learn more about Colorado’s Homeless Contribution Tax Credit, visit the state’s website.
Please note: The State limits the number of credits available to each participating organization each calendar year. Consult with your professional tax adviser to determine whether the HCTC program will benefit your specific tax situation.
Have questions? Need to make changes? Contact Us
How HCTC Donations Work
Homeless Contribution Tax Credits allows a dollar-for-dollar reduction in state taxes owed by an amount equal to 25% of cash donations to Denver Rescue Mission of $250 or more or $5,000 or more for in-kind donations (stocks).
1. Give a Gift of $250 or more.
Monetary donations that are individual gifts of $250 or more or $5,000 or more for in-kind donations (stocks).
(Certain limitations apply. Learn more here.)
2. Tell us you want HCTC tax credit.
You must indicate your desire for Homeless Contribution Tax Credit. For example, write “HCTC” on the memo line of your check. Or, when donating online, write “HCTC” in the donor comments section.
If your SSN has been obtained previously, your certificate will be sent by the State through an encrypted email later.
If you are a new donor to HCTC or you have not given your last four of your SSN to DRM previously, please call us at 303.313.2422 to provide one of the following:
- Federal Employer Tax Identification Number (FEIN)
- Or the Last Four Digits of a Social Security Number (this is a State requirement for the HCTC program).
Please do not include your SSN in an online gift comment, email, or voicemail message. To provide your SSN securely, please call us at 303.313.2422 between 9 AM and 5 PM (Monday – Friday) and speak with a representative directly.
3. Receive your gift receipt and tax credit certificate.
First, within 7-14 days you will receive a tax receipt in the mail from the Mission. This is separate from the HCTC tax credit certificate.
Then, based on current processing guidelines set by the State, HCTC certificates will be emailed out on a rolling basis, and could take 6-8 weeks (or longer during busy periods) from the time the Mission receives a qualified gift and the last four digits of a SSN from the donor. This timeline is subject to change. You will receive an electronic version of the tax credit certificate(s) with the subject line: DOLA HCTC Program, which may go to your Junk/Spam mail.
You must file your tax return electronically with the Colorado Department of Revenue.
HCTC Limitations
According to the Colorado Department of Local Affairs (DOLA), the State entity that manages the new Homeless Contribution Tax Credit Program, donations made through workplace giving programs facilitated by third-party organizations like Benevity and other intermediary or “pass-through” organizations like Donor Advised Funds (DAFs) will not be eligible for the 25% HCTC tax credit. Gifts made directly by your employer (excluding Benevity) or handled through a payment processor or donation software platform to Denver Rescue Mission on your behalf would still qualify.
With the passing of legislation on June 7th, 2024, DOLA now allows donations made through intermediary organizations such as Mile High United Way and the Colorado Gives Foundation will now qualify under the guidelines stated above.
Please reference the State’s FAQ document and other resources below for more details. Additionally, check with your employer to verify your workplace giving process prior to making a donation to ensure a gift qualifies.
HCTC Resources
For your convenience, we’ve gathered several HCTC resources here that can help you learn more about the program and how it may apply to your donations.
Donate Stock
A donation of stocks, mutual funds or securities can qualify for HCTC if it is a valuation of more than $5,000 and offers a number of valuable financial benefits:
- No capital gain to be recognized
- Full value of stock is tax deductible
- Stocks, bonds and most mutual funds accepted
Workplace Giving
Gifts that qualify for HCTC may also be eligible for an employer matching gift. Many employers offer matching gift programs up to one full year after you donate or volunteer grants to increase your impact in the community. Find out if your employer offers a matching gift program or volunteer grants today!
Need to Make Changes?
If the information listed on your certificate is incorrect or you are missing a certificate, please contact us at [email protected] or call 303.313.2422 .
Make Your HCTC Eligible Donation Today!
Any monetary gift of $250 or more qualifies, but tax credit availability is limited. Make your gift today to take advantage of this special tax credit while making a difference in your community.