Thank you for considering making a gift to Colorado Open Lands. We seek to provide many ways to give to conservation and pledge to use your gift efficiently and effectively, to protect the treasures of Colorado that we all love.
How does the CARES Act impact my gift this year?
The Coronavirus Aid, Relief, and Economic Security Act (CARES) made several temporary changes to the charitable contribution rules for the 2020 tax year.
First, taxpayers are eligible to deduct up to $300 of cash contributions as an “above the line” deduction (meaning even non-itemizing taxpayers can claim this deduction). Additionally, for individuals who itemize, the 50% adjusted gross income limitation is waived for certain contributions.
The second change lifts the cap on how much a donor can deduct in charitable gifts in a single year. Individuals who itemize deductions may deduct donations up to 100% of their 2020 Adjusted Gross Income (up from 60% previously) and may be carried forward for up to five years.
COL is not in the business of offering professional legal or financial advice, and we suggest consulting with your own advisors. The 100% AGI deduction is not allowed if made to a private foundation or to a donor-advised fund.
Colorado Open Lands is a 501(c)(3) tax exempt organization. All donations are tax deductible to the extent allowed by law. Our Federal Identification Number is 84-0866211.