Every donation is vital to this organization and to the fulfillment of its mission. We appreciate all contributions…small or large, financial or in-kind. All gifts to AIM are tax deductible.
CD Tax Credit
The South Carolina Community Economic Development Act of 2000 was authorized to support projects and activities of community-based, non-profit organizations that focus on improving the quality of life and creating economic opportunity in low-income communities through partnerships.
The legislation authorizes the South Carolina Community Development Tax Credits for eligible investments and contributions to certified organizations. The state allows a 33% credit against state tax liabilities to South Carolina businesses, corporations, insurance companies, financial institutions, and individuals for each dollar invested or donated to certified Community Development Corporations (CDCs) & Community Development Financial Institutions (CDFIs). Only CDCs and CDFIs that are certified by the South Carolina Department of Commerce are eligible to award the 33% state tax credit to investors and donors. Note: If the amount of the credit determined exceeds the taxpayer’s state tax liability for the applicable taxable year, the taxpayer may carry forward the excess to the immediately succeeding taxable years. However, the credit carry-over may not be used for a taxable year that begins on or after the ten years from the date of the investment-contribution.
Donors who give more that $1,000 per year will automatically receive a letter and required tax forms in the mail in January.
For more information, please visit The South Carolina Association for Community Economic Development or call AIM at 864.226.2273.