Charitable Tax Considerations
As an IRS designated 501(c)(3) charitable organization, contributions made to the Lake County Land Reutilization Corporation (LCLRC) may be eligible for treatment as a tax deductible donation. It is highly recommended that those considering donating land or other assets to the LCLRC discuss the tax implications with their tax advisory.
Internal Revenue Code Section 501(c)(3)
Exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening neighborhood tensions; eliminating prejudice and discrimination; defending human and civil rights secured by law; and combating community deterioration and juvenile delinquency.