A New (and Charitable) Way to Put Your State Tax Return to Work
In 2020, a law goes into effect in Colorado which allows taxpayers to donate their state income tax return to a vastly expanded list of charitable institutions. According to 9 News, the state of Colorado refunds roughly a billion dollars each year, a figure which could have a tremendous impact on the state’s nonprofits.
The innovative Donate to Colorado Nonprofit program is an initiative of the Colorado Nonprofit Association (CNA). CNA has developed a website which allows taxpayers to search for more than 7,750 registered charities and nonprofits. Prior to the program, taxpayers could select from a list of 20 nonprofits.
Three actions taxpayers can take today:
- Visit refundwhatmatters.org to learn more about the Donate to Colorado Nonprofit program (FAQs)
- Consider Community First Foundation, a registered nonprofit, as the beneficiary of your state tax return (registration #20023003711)
- Per refundwhatmatters.org : “To participate, taxpayers should look for the ‘Donate to a Colorado Nonprofit’ line of their tax return or tax software and enter the name and registration number of the eligible organization they want to support. Nonprofit registration numbers are searchable by using the [ReFUND CO] database.”