COLUMBUS - The Cherokee County E-Community was recently awarded $17,340 in Entrepreneurship Tax Credits by NetWork Kansas. Funds generated from the sale of these credits will help grow the E-Community Loan Fund, a locally-administered revolving loan fund that provides loans of up to $45,000 to entrepreneurs and small businesses in the county, and help cover the cost of training and other activities to boost local entrepreneurial activity such as Destination BootCamp, the Ice House Entrepreneurship Program, and Cherokee County Youth Entrepreneur Fair.
Individuals or corporations that purchase Entrepreneurship Tax Credits receive a 75 percent state income tax credit for their donation. This means that for every $1,000 donated, donors will receive $750 credit directly off their Kansas income tax liability. Donors may also be eligible to receive federal and state tax deductions as a result of their donation to the Kansas Center for Entrepreneurship, a 501(c)(3) organization. Additionally, tax credits may be carried forward until the total amount of the credit is applied.
"These credits are really a win-win," said Economic Development Director Janet Miller. "They allow donors to lessen their tax liability while supporting local economic development. Many of our past donors report that they received a tax benefit greater than the total amount of their contribution. The majority of the tax credits Cherokee County was allocated are already spoken for. So, act fast if you are interested in purchasing some or all of the remaining credits!"
To purchase credits or for more information, contact Janet Miller at 620-762-0717 or firstname.lastname@example.org.