Great Bend Economic Development announced it has received $182,000 in Community Service Program (CSP) Tax Credits through the Kansas Department of Commerce. The available tax credits will be used to enhance fundraising efforts for The Future of Farming: Technology & Sustainability.
CSP is a popular program for Kansas nonprofits and public health-care entities taking on major capital campaigns for community projects. Awarded nonprofits were chosen through a competitive application process.
State tax credits reduce the total amount of taxes owed to the state. They are a way for taxpayers to substantially reduce the cost of contributing to Great Bend Economic Development, GBED Executive Director Jason Kuilan stated in a news release.
“We are very excited to be one of the recipients of this state-wide program. Not only were we selected, we were awarded 91% of the maximum allotment any organization can receive. This is a testimony to the massive support we received when asking the community for pledge letters for these Tax Credits,” Kuilan said.
The Future of Farming: Technology & Sustainability is a collaborative initiative to position this region as a leader in modern, resilient agriculture by combining technology, education, workforce training, entrepreneurship support, and strategic capital investment. Businesses and individuals subject to Kansas income tax are eligible to receive a tax credit through this program.
Donors giving at least $250 to the project may qualify for a 70% tax credit. For example, a donor making a $1,000 gift receives a $700 tax credit when they file their state taxes, making the net cost to the donor only $300.
“CSP amplifies the mission of awarded community service organizations and their projects by encouraging donations through the benefit of state tax credits,” said Matt Godinez, Assistant Secretary of Quality Places. “When you donate to an awarded CSP project, you have the opportunity to support a project and receive a state tax credit to reduce your taxable income.”
Any business or individual interested in donating to Great Bend Economic Development and The Future of Farming: Technology & Sustainability is asked to email Jason Kuilan at Director@gbedinc.com.
