CFNEM Tax Credit
The State of Michigan provides an additional incentive to donors making gifts to permanent endowment funds at community foundations in Michigan by allowing a tax credit on any state income tax return as follows (see links below for detailed information):
Married Couple Filing Jointly
Gift $400
Federal Tax Savings* (112)
Michigan Tax Credit (200)
Net Cost to Donor $88
Single Individual
Gift $200
Federal Tax Savings* (56)
Michigan Tax Credit (100)
Net Cost to Donor $44
*Assuming a 28% tax bracket
DETAILED TAX CREDIT INFORMATION - INDIVIDUALS
DETAILED TAX CREDIT INFORMATION - CORPORATE (MBT) TAXPAYERS