Revenue Administrative Bulletin 1992-11

Approved: July 1, 1992

AVAILABILITY OF COMMUNITY FOUNDATION TAX CREDIT FOR TAX YEAR 1992 AND LIST OF CERTIFIED COMMUNITY FOUNDATIONS FOR TAX YEAR 1992 - SINGLE BUSINESS TAX CREDIT AND INCOME TAX CREDIT

RAB-92-11. This bulletin announces the availability of the community foundation tax credit for tax year 1992. 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 1992 in accordance with section 38c of the Single Business Tax Act and section 261 of the Income Tax Act, as last amended by Public Act 170 of 1991 and Public Act 171 of 1991.

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 $6 million.

The Treasury Department has determined that the $6 million cap has not been exceeded in prior tax years. Accordingly, the tax credit will be available in tax year 1992.

Certified Community Foundations for Tax Year 1992

Contributions to a certified community foundation may be eligible for the tax credit described in Revenue Administrative Bulletin 1992-2.

Listed below are the community foundations that have been certified by the Treasury Department for tax year 1992. No other applications for certification will be accepted for tax year 1992.