WHALE Community Investment Tax Credit Program
Your investment will strengthen the New Bedford community through historic preservation!
Your gift will strengthen New Bedford and improve the lives of local residents by:
- Restoring and reusing historic treasures
- Creating opportunities in affordable housing
- Providing new arts and cultural venues
- Developing stronger neighborhoods
- Fostering a vibrant community
- Educating the community on preservation
For a limited time, the Commonwealth of Massachusetts is offering a special tax credit to encourage increased support for community development corporations like WHALE.
The Massachusetts Community Investment Tax Credit provides a 50% state tax credit for donations of $1,000 or more. For every $1,000 you give, you’ll receive a $500 state income tax credit. If the credit exceeds your liability, the state refunds the balance of the credit.
GIVE EARLY! Act Now! A donor can be an individual or corporation.
Here’s an example of the annual tax savings for a $1,000 donation:
This illustration represents a 35% tax bracket. Situations vary. Please consult your tax advisor.
| WHALE GIVING LEVEL | Column | Capital | Portico | Medallion | ||
| Donation to WHALE | $1,000 | $2,500 | $5,000 | $10,000 | ||
| MA Community Investment Tax Credit | $500 | $1,250 | $2,500 | $5,000 | ||
| Federal Tax Deduction (35%)* | $350 | $875 | $1,750 | $3,500 | ||
| Total First Year Tax Savings | $850 | $2,125 | $4,250 | $8,500 | ||
| Net Donation | $150 | $375 | $750 | $1,500 | ||
| *Illustration – 35% tax bracket. Consult your tax advisor | ||||||
Make your donation today! Every contribution makes a difference. WHALE is a 501(c)(3) non-profit organization. You may donate online or contact us to speak with someone about the Community Investment Tax Credit Program. We hope you will make a contribution, and in turn make a difference in the lives of the New Bedford community.
For More Information
Please contact Diane Brodeur, General Manager, at 508-997-1776 or dbrodeur@waterfrontleague.org
Additional Resources
MACDC and United Way CITC Promotional Video
Commonwealth of Massachusetts CITC Webpage
Federal Reserve Bank of Boston CITC Article
CITC Info Sheet, 2 pg.
MASS.gov CITC Info