RDRC Offers Tax Credits For Donations
The Rockaway Empire State Zone Administration Board has designated Rockaway Development and Revitalization Corporation’s (RDRC) development of a five-story office building in Downtown Far Rockaway a Community Development Project. This project
involves the complete restoration of 21-17 Mott Avenue thus putting back into use valuable commercial space. The designation as a Community Development Project means that the project can leverage funds through private donations and sell tax credits made available through the New York State Empire Zone Capital Credit Program.
For-profit corporations and individuals can contribute money to RDRC, a 501(c)(3) organization, for the development of this project and can deduct one hundred percent of the charitable contribution from their taxable income on their state and federal tax returns. In addition to this charitable contribution deduction, the Zone Capital Credit Program will give contributors a credit of 25% of the contributed amount. With this credit, corporations and individuals can deduct an additional 25% off their taxable income on their state returns.
For example, a charitable contribution of $20,000 allows the contributor to deduct that amount from their federal and state tax liabilities plus an additional $5,000 (25% of the amount contributed) from their taxable income on their state returns.
"This is an excellent opportunity for corporations and individuals to lower their tax liability while contributing to a project that will help to revitalize the Far Rockaway Commercial District and create jobs," says the RDRC’s executive director, Curtis Archer.
Those interested in further information should contact the Rockaway Empire Zone Coordinator, Ivor Quashie at (718) 327-0475.