Community Contribution Tax Credit Program
The Community Contribution Tax Credit Program (CCTCP) provides a financial incentive (50% tax credit or sales tax refund) to encourage Florida businesses to make donations toward community development and housing projects for low-income persons. The tax credit is easy for a business to receive. Businesses located anywhere in Florida that make donations to approved community development projects may receive a tax credit equal to 50 percent of the value of the donation. Businesses may take the credit on Florida corporate income tax, insurance premium tax or as a refund against sales tax (for businesses registered to collect and remit sales taxes with the Department of Revenue).
WHO MUST FILE: Business firms must submit this application for approval in order to obtain a tax credit or a sales tax refund authorized under sections 212.08 (5) (p), 220.183 or 624.5105, F.S.
WHEN TO FILE: This application may be filed at any time when tax credits are available. However, contributions made prior to the approval of the project will not qualify for the tax credit or sales tax refund. Pursuant to legislative revisions, tax credit applications will be accumulated for the first 10-business days of the fiscal year (July 1 – July 15) prior to processing them. If requests for tax credits exceed the tax credit allocation during the first 10-business days of the fiscal year, tax credit applications will be approved on a pro rata basis. There will be $10.5 million tax credits for projects that provide homeownership opportunities for low-income households and $3.5 million tax credits for all other projects.
SIGNATURE AND MAILING: This application must be signed by an authorized official of the firm making the donation and an authorized official from the sponsor acknowledging receipt of the contribution. Also attach the following: a copy of the check; itemized invoice; or deed, appraisal and “Real Property Donation Affidavit"; proof that the donation was received (see Item 7 below); and a copy of OTTED’s sponsor approval letter (or recertification letter).
