Tax Credits for Donors

Did you know that donors who support Greater Albuquerque Habitat for Humanity (GAHH) can take advantage of a generous tax credit?

tax_credit

“The tax credit was never a determinate of whether I would give to Greater Albuquerque Habitat, but rather an incentive that encourages me to increase my gift and make a bigger impact,” said Ron, a longtime volunteer and donor. “As a donor, it may only seem like I have helped one family, but really I have helped all the generations to come in ways we can’t realize. By helping a family purchase a home, we are changing the cycle of poverty for their children and future generations.”

State and Federal Tax Credits for donors who support affordable housing

The State Tax Credit Program provides tax credits to individuals and businesses making donations to affordable housing projects approved by the New Mexico Mortgage Finance Authority (MFA). Currently, GAHH’s 8-home Mesa del Rio Project is approved.

All donations to the Mesa del Rio Project of $1,000 or greater are eligible to

receive a New Mexico state tax credit from GAHH. The Tax Credit is equal to 50% of the value of the donation and can be used –as a direct credit on personal and corporate income tax returns. In addition to New Mexico tax credits, a taxpayer can claim the standard charitable deduction on the federal tax return.

How it works

A taxpayer with a combined federal & state tax rate of 40% can earn back 90% of his or her contribution in tax credits & deductions. A donation of $1,000 to GAHH, receives a $500 state tax credit, and a $400 federal deduction. GAHH receives $1,000 to build homes for low income families in our community and the taxpayer’s end cost is $100.

Make a Gift

Any donation restricted to the Mesa del Rio project of $1000 or more is eligible. You can make an online donation right now and type “tax credits” in the other category on the form. Or mail a check to Greater Albuquerque Habitat for Humanity, 4900 Menaul NE, Albuquerque, NM 87110. If you mail a check, please write state tax credits in the check memo. GAHH will contact you as soon as we receive your gift to sign the state tax credit application.

Donors are essential to our mission to build decent, affordable homes right here in the Albuquerque community. Habitat homes are the result of collaborative efforts by Habitat homeowners, volunteers, corporate sponsors, individual donors, a group of volunteers known as SWAT, and private foundations.