Lansing Art Gallery Qualifies for Public Contribution Michigan Income Tax Credit
Lansing Art Gallery Qualifies for Public Contribution Michigan Income Tax Credit
New Status Puts Gallery on Par With Museums, Libraries and Other Essential Cultural Institutions
LANSING—Lansing Art Gallery has recently qualified for the Michigan Income Tax Credit, under the Public Contribution category. This news couldn’t come at a better time, as state budget and economy woes have created a $40,000 operational debt that threatens to close the gallery.
“During this dire and difficult time for the arts, it’s nice to hear some good news for the gallery,” said Lansing Art Gallery Executive Director Catherine Babcock. “But it will only help keep the gallery up and running if it inspires people to donate to our cause and collect on the credit.”
In addition to getting a deduction for federal tax purposes, Michigan residents who donate to the Lansing Art Gallery may take a 50% credit against state tax with a maximum tax credit of $400 for taxpayers filing jointly ($200 for a single taxpayer). For example, a $200 donation to the gallery for a single filer in the 35% tax bracket would actually only cost $30 after federal and state deductions. A $400 donation for a married couple filing jointly in the 36% tax bracket would cost only $60.
The steady decline in income for all arts organizations is extremely challenging, and the shortage of money is now being directly felt by Lansing Art Gallery. The fact that Lansing Art Gallery continues to make a full contribution to Lansing’s social, economic and creative life in such difficult financial times is remarkable.
“Lansing Art Gallery has been part of the City of Lansing’s arts and cultural life for more than 43 years,” said Babcock. “But we’ve never suffered as severely as we have from this current economic climate. We hope that anyone and everyone familiar with the gallery will donate and help preserve this Lansing institution. We need help to keep Lansing art alive.”
Posted: July 18th, 2007 under LAG.
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