Great Bend Economic Development announces they have received $166,000 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 IGNITE Innovation Center.
CSP is a popular program for Kansas nonprofits and public health-care entities taking on major capital campaigns for projects involving children and family services, non-governmental crime prevention, youth apprenticeship, and youth technical training and health care. 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.
Sara Arnberger, President of Great Bend Economic Development, said, “Our project is committed to making a real impact on our community, and the sale of new tax credits is needed in turning this vision into reality. These incentives not only provide us with the necessary financial relief to accelerate our initiatives but also enable us to expand our reach and resources. By leveraging these tax credits, we will establish an innovative space that addresses a wide array of community needs. This support underscores the importance of strategic financial planning in achieving sustainable development and fostering community growth.”
IGNITE Innovation Center, an innovative community hub, will feature overnight childcare facilities, a makerspace, a workforce center, and health screening services. This comprehensive approach ensures that a wide array of community needs are addressed.
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 IGNITE Innovation Center 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.”
If you or your business are interested in donating to Great Bend Economic Development or the IGNITE Innovation Center, reach out to Sara Arnberger by email atdirector@gbedinc.com or by calling 620-796-2407.
