57-18 Exhibit - Urging State of New Jersey to Implement Charitable Trust in Lieu of Local Taxes Plan.pdf

State Title  of  Credit Description Amount  of  Credit Statute Michigan Credit  for  contributions   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     to  community  foundation taxpayer  could  claim  a  credit   §206.261 against  the  Michigan  personal   income  tax  for  50%  of  the   amount  contributed  during  the   tax  years  to  an  endowment  fund   of  a  community  foundation,  up   to  $100  for  taxpayers  other  than   a  resident  estate  or  trust  or   $200  for  a  husband  filing  a  joint   return.  For  a  resident  estate  or   trust,  the  allowable  credit  could   not  exceed  the  lesser  of  10%  of   the  taxpayer's  liability  for  the   tax  year  before  claiming  this   credit  or  $5,000.  For  a  resident   estate  or  trust,  the  credit   amount  could  not  have  been   deducted  in  arriving  at  federal   taxable  income. Michigan Contributions  to  a   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     homeless

Contributions  to  a   Until  December  31,  2011,  a   50%  of  the  amount  contributed. Mich.  Comp.  Laws  Ann.     homeless  shelter,  food   taxpayer  could  claim  a  credit   §206.261 kitchen,  food  bank,  etc.   against  the  Michigan  personal   (homeless  credit) income  tax  for  50%  of  the  sum   of  the  cash  amount  and,  if  the   food  items  were  contributed  in   conjunction  with  a  program  in   which  a  vendor  made  a   matching  contribution  of  similar   items,  the  value  of  those  food   items  contributed  during  the  tax   year  to  a  shelter  for  homeless   persons,  food  kitchen,  food   bank,  or  other  entity,  the   primary  purpose  of  which  was   to  provide  overnight   accommodation,  food,  or  meals   to  persons  who  were  indigent.