Contact us by e-mail

A Fundraiser to Benefit the

Mid-Hudson Children's Museum

In Loving Memory of

Jennifer Picariello
click here

 

Tax Savings for Capital Project
Donations of $1,000 or more.

The Mid-Hudson Children's Museum is designated as a Community Development Project by the New York State Department of Economic Development.

As of August 26, 2005, individual or corporate monetary contributions of $1,000 or more donated to the Museum for Capital Projects qualify for an additional 25% credit against your New York State income tax. Donations must be made within one calendar year. This credit is in addition to the full charitable deduction which you or your company would be entitled to on both federal and state taxes. (See example at right of page and/or the Tax Credit/Itemized Deduction Cost Analysis chart below.)

Donations in excess of $3,000 may be made over a multi-year period. Please note that NYS tax credits are limited and will be disbursed on a first come, first served basis to qualifying individuals and corporations.

To take advantage of this NYS tax credit, please fill out the donor form click here and mail your donation to the Mid-Hudson Children's Museum.

For donations less than $1000, there are naming opportunities available through our Lasting Impressions Program click here.

The museum has a number of other naming opportunities available to recognize donors who make higher level contributions toward Capital Projects. For more information about these options, please contact Barbara Klassen, Director of Development at (845) 471-0589 ext. 15.

Return to top of page

 

The after-tax cost of your $10,000 gift may be as little as $3,250, using the following assumptions*:

  • The top federal bracket of 35%
  • New York State Itemized Deduction
  • And $2,500 Economic Development Zone Credit

*For specific tax consequences, we suggest you speak with your tax advisor.

The Mid-Hudson Children's Museum

New York State Zone Capital Credit
Community Development Project
Tax Credit/Itemized Deduction
Cost Analysis
Cash Gifts
Pledge Payments		 Zone Capital Credit on NYS Tax Return Itemized Deduction NYS Tax Return* (Approximate) Itemized Deduction Federal Tax Return* 35% Tax Bracket (Dollar Equivalent After-Tax Cost to Donor*
$100,000 $25,000 $6,500 $35,000 $33,500
$90,000 $22,500 $5,850 $31,500 $30,150
$80,000 $20,000 $5,200 $28,000 $26,800
$70,000 $17,500 $4,550 $24,500 $23,450
$60000 $15,000 $3,900 $21,000 $20,100
$50000 $12,500 $3,250 $17,500 $16,750
$40,000 $10,000 $2,600 $14,000 $13,400
$30,000 $7,500 $1,950 $10,500 $10,050
$20,000 $5,000 $1,300 $7,000 $6,700
$15,000 $3,750 $975 $5,250 $5,025
$10,000 $2,500 $650 $3,500 $3,250
$7,500 $1,875 $487 $2,625 $2,513
$5,000 $1,250 $325 $1,750 $1,675
$2,500 $625 $162 $875 $838
$1,000 $250 $65 $350 $335

*The after-tax cost indicates the cost of an individual contribution after 25% NYS tax credit and itemized deductions on both NYS and Federal returns and assumes 100% deductibility of the contribution at the 35% tax bracket. For specific tax consequences, we suggest you speak with your accountant or tax consultant.

Return to top of page
Mid-Hudson Children's Museum ©
75 North Water Street
Poughkeepsie, NY 12601
(845) 471-0589 E-mail us
website designed by Gerri Winiarski