Massachusetts officials say a new tax credit intended to promote giving to nonprofits supporting low-income neighborhoods has been a success, The Boston Globe reports.
The Community Investment Tax Credit, which first became available last year, gives donors the chance to contribute to a community development corporation and get a tax credit for half the amount of their gift. The nonprofit CDCs, which work to improve low-and moderate-income housing, get an allotment of credits to encourage donors to contribute. State government revenue is used only if the credits are claimed.
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