Habitat Homebuilders Eligible for Tax Credit November 5, 2014
Marine businesses that participate in the construction project of two townhomes for Habitat for Humanity of Broward in December will likely be eligible for a tax credit or refund. The Community Contribution Tax Credit Program provides a financial incentive (up to 50 percent tax credit or sales tax refund) to encourage Florida businesses to make donations toward community development and housing projects for low-income persons.
MIASF is sponsoring funding and recruiting volunteers to help build a property at 732 NW 15th Ave. in Fort Lauderdale. The cost is expected to be $ 70,000 and hours donated by volunteers to exceed 3000 hours. In addition to supporting families in need of decent, affordable housing, the effort helps keep the community vibrant, keeps people in the local workforce, benefits businesses providing materials to the project and living supplies to the families, and generates tax revenues.
The tax credit can be applied to 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). Details can be found at www.floridajobs.org/Community/CCTCP_ProgramOverview.pdf.
Celebrating over 30 years of building homes and building hope in Broward County, Habitat for Humanity of Broward is a non-profit, non-denominational Christian housing ministry that has successfully built more than 360 homes throughout Broward. Dedicated to eradicating substandard housing by building simple, decent, affordable homes in partnership with low and very-low income families in need, Habitat is a catalyst for individual and community transformation. For more information visit www.habitatbroward.org.