The San Luis Valley Enterprise Zone is designed to stimulate investment in economic development through significant tax credits to endeavors with Approved Project Status. Rio Grande Hospital, a 501(c)(3) charitable organization, has the approved project status.
Individuals and businesses will receive 25% Colorado State Income Tax credit for donations of $100 or more to the Rio Grande Hospital in Del Norte.
In addition to Colorado State Income taxes, individual donors who itemize can save up to an additional 39.6% on their Federal Income Tax and 4.63% on their Colorado Income Tax. This depends upon your tax bracket. These tax credits are cumulative.
Business donors can save up to an additional 34% on Federal Taxes and 4.63% on their Colorado Income taxes.
You should contact a tax professional to learn you exact savings which may or may not exceed the exemptions. Tax rates are subject to change each year. This is an example only and may or may not apply to your personal situation.