Revenue Administrative Bulletin 1991-7

Approved: July 10, 1991

VAILABILITY OF COMMUNITY FOUNDATION TAX CREDIT FOR TAX YEAR 1991 AND LIST OF CERTIFIED COMMUNITY FOUNDATIONS FOR TAX YEAR 1991 - SINGLE BUSINESS TAX CREDIT AND INCOME TAX CREDIT

RAB-91-7. This bulletin announces the availability of the community foundation tax credit for tax year 1991. 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 1991 in accordance with section 38c of Single Business Tax Act and section 261 of the Income Tax Act, as last amended by the 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 years 1989 and 1990. Accordingly, the tax credit will be available in tax year 1991.

Certified Community Foundations for Tax Year 1991

A limited number of organizations may become certified as community foundations before December 31, 1991. If a significant number of community foundations become certified later in the year, the department may issue another bulletin in October of 1991 to announce those later-certified organizations.

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

Listed below are the community foundations that have been certified by the Treasury Department for tax year 1991.