Revenue Administrative Bulletin 1990-19

Approved: July 12, 1990

AVAILABILITY OF COMMUNITY FOUNDATION TAX CREDIT FOR TAX YEAR 1990 AND LIST OF CERTIFIED COMMUNITY FOUNDATIONS FOR TAX YEAR 1990 SINGLE BUSINESS TAX CREDIT AND INCOME TAX CREDIT

RAB-90-19. This bulletin announces the availability of the community foundation tax credit for tax year 1990. In addition, this bulletin lists the names, addresses and phone numbers of the community foundations that have been certified by the Treasury Department for tax year 1990 in accordance with Public Act 514 of 1988, Public Act 515 of 1988, Public Act 135 of 1990 and Public Act 136 of 1990.

Availability of Tax Credit

The community foundation tax credit statute states that the credit does not apply in a tax year for which the aggregate amount of the credit claimed by all taxpayers for all prior tax years exceeds $3 million.

The Treasury Department has determined that the $3 million cap has not been exceeded in tax year 1989. Accordingly, the tax credit will be available in tax year 1990.

Certified Community Foundations for Tax Year 1990

A limited number of organizations may become certified as community foundations before December 31, 1990. If a significant number of community foundations become certified later in the year, the department may issue another bulletin in October of 1990 to announce those later-certified organizations.

Due to printing deadlines, organizations that become certified after October 1, 1990, will not be announced in a bulletin but may be announced in the January 1991 issue of the Quarterly Tax Advisor.

Contributions to a certified community foundation may be eligible for the tax credit described in Revenue Administrative Bulletin 1989-4.