Put FL state corporate tax dollars to work for students!

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Information about Put FL state corporate tax dollars to work for students!
Education

Published on March 19, 2014

Author: kimbayergrant

Source: slideshare.net

Description

Learn about a FL corporate tax credit program through which you can support KIPP Jacksonville students!

The Community Contribution Tax Credit Program - Putting tax dollars to work for students!

KIPP = The Knowledge is Power Program Started in 1994, KIPP is a national network of free, open-enrollment, college preparatory public schools dedicated to preparing students in undeserved communities for success in college and in life. KIPP = Success! There are now 141 KIPP schools nationwide serving more than 50,000 students in 20 states and the District of Columbia. Nationwide, KIPP alumni graduate college at four times the rate of their low-income peers. KIPP in Jacksonville KIPP Impact Middle School opened in August 2010 and is the highest ranked middle school in NW Jacksonville. KIPP VOICE Elementary opened in August 2012 and our students are already among the highest performing in the national network. Both schools are located at our 1440 McDuff Ave. N campus. We plan to grow to 5 KIPP schools by 2017. What is KIPP?

Through the Community Contribution Tax Credit Program – you can make a donation to Jacksonville Alliance for KIPP Schools and the majority of your donation will be offset by a state tax credit. How your company can help us grow: Our new gym, under construction.

Who can use it?  Businesses anywhere in Florida that are subject to:  Florida Corporate Income Tax  Florida Insurance premium Tax  Florida Sales Tax Refund Who may receive donations?  Eligible sponsors that are conducting an approved community development project - including The Jacksonville Alliance for KIPP Schools. What is the Community Contribution Tax Credit? The Community Contribution Tax Credit (CCTC) provides a financial incentive (up to 50 percent tax credit or sales tax refund) to encourage Florida businesses to invest in community development and housing projects for low-income persons.

 The annual amount of credit granted is limited to $200,000 per company  $3.5 Million of total tax credits are available  If tax credit applications exceed $3.5 million, tax credits are applied pro-rata (last year’s pro-rata share was 80.2%)  A 5-year carry forward provision is available for any unused portion of the corporate income tax credit or insurance premium tax  Sales tax refunds are available for up to 3 years after the first application How does CCTC work?

$50,000 FL Corporate Income Tax Credit (50%) 5,500 FL Corporate Income Tax Savings (5.5%) 15,575 Federal Corporate Income Tax Savings (1) $71,075 Total Estimated Tax Savings Net out-of-pocket cost of $28,925 (1) = ($100,000 – 50,000 – 5,500) x 35% On a $100,000 Donation: Big impact, little out of pocket cost

$40,100 FL Corporate Income Tax Credit (50% * 2013 pro-rata share of 80.2%) 5,500 FL Corporate Income Tax Savings (5.5%) 19,040 Federal Corporate Income Tax Savings (1) $64,640 Total Estimated Tax Savings Net out-of-pocket cost: $35,360 (1) = ($100,000 – 40,100– 5,500) x 35% On a $100,000 Donation: Big impact, little out of pocket cost (a pro-rated example)

KIPP Middle school students visiting FIS corporate offices - one of our CCTC partners Next Steps? Make a donation: Checks should be made payable to Jacksonville Alliance for KIPP Schools Then: 1. Complete Form 8E-17TCA#01 http://www.floridajobs.org/Community/CCTCP_Application.pdf 2. Attach a copy of your check and get receipt from us 3. Send completed form to the Office of Tourism, Trade and Economic Development between July 1 – 15

Contact info: Kim Grant Director of Development KIPP Jacksonville kgrant@kippjax.org Office: 904-683-6643 x150 Cell: 610-348-5065 Thank you for your consideration! For more detailed program information, please visit: http://www.floridajobs.org/business-growth-and-partnerships/for-businesses-and- entrepreneurs/business-resources/community-contribution-tax-credit-program

CCTC Participants: • Acosta • Brumos Motors • Everbank • FIS • CSX • Swisher • Jacksonville Greyhound Racing “Thank you!”

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