Foundations Receive 25% Tax Credit Boost for Supporting Volunteer Service Centers
Foundations of banking origin (FOBs) received good news today with the announcement of a 25.0778% tax credit for contributions made to the Single National Fund (Fun) before October 31, 2024. This benefit, established by the Revenue Agency, aims to support the vital work of Volunteer Service Centers (Csv) across the country.
“The percentage of credit that can be used by each lender for 2024 is25.0778%,” stated Ernesto Maria Ruffini, Director of the Revenue Agency, in a measure signed today, December 3, 2024.
This tax credit, introduced in 2018, is directly tied to the establishment of the Fun, a key pillar of the Third Sector Code (Legislative Decree no. 117/2017). The Fun provides a dedicated and sustainable stream of funding for Csv, which rely heavily on volunteer contributions to deliver essential services within communities.
Annual contributions from banking foundations, as stipulated by Legislative Decree no. 153/1999, fuel the Fun. The National Control Body (Onc) oversees the administration of these funds, ensuring their responsible allocation to support the Csv network.
The tax credit scheme directly benefits FOBs, who are entitled to 100% credit on their payments made to the Fun. This incredible incentive can only be utilized through the F24 form using tax code “6893,” and is subject to a maximum expenditure of 10 million euros for subsequent years.
The framework for this relief was carefully crafted through a decree issued on May 4, 2018, by the Minister of Labor and Social Policies in agreement with the Ministry of Economy and Finance (Mef). Key provisions ensure that contributions received by October 31st of each year are considered for the tax credit calculation.
Further solidifying the transparency of the scheme, the Onc meticulously tracks all contributions and transmits a detailed list of foundations, including their respective tax codes and contribution amounts, to the Revenue Agency.
Through a carefully considered process, the financial administration, under the guidance of the Revenue Agency Director, determines the final percentage of the tax credit available to each foundation, based on the proportion of total contributions received against the allocated resources.
With today’s announcement, the agency has calculated the 25.0778% rate based on the 10 million euros earmarked for the 2024 fiscal year and the total contributions received from foundations, amounting to 39,875,748.38 euros by the October 31st deadline.
What is the percentage of the tax credit for contributions made to the Single National Fund before October 31st, 2024?
## Tax Break for Goodwill: Foundations Get Boost for Supporting Volunteer Centers
**Interviewer:** Welcome back to the show. Today we’re discussing a welcome development for foundations here in Italy: a significant tax credit for supporting Volunteer Service Centers. Joining us to discuss this is [**Guest Name**], a leading expert on philanthropic giving. Welcome to the program.
**Guest:** Thank you for having me.
**Interviewer:** So, tell us about this new tax credit boosting support for Volunteer Service Centers.
**Guest:** Absolutely. There’s good news for Foundations of Banking Origin, or FOBs, here in Italy. The Revenue Agency just announced a 25.0778% tax credit for contributions made to the Single National Fund before October 31st, 2024. This is a really substantial boost, designed to encourage support for Volunteer Service Centers all across the country.
**Interviewer:** This tax credit was introduced back in 2018. What’s different now?
**Guest:** While the credit has existed, this is a significant increase, reflecting the critical role Volunteer Service Centers play in our communities. It’s tied directly to the establishment of the Single National Fund, which itself is a vital part of the Third Sector Code, aiming to provide a sustainable funding stream for these organizations.
**Interviewer:** What kind of impact could this have on Volunteer Service Centers?
**Guest:** This tax break could be a game-changer. It incentivizes foundations to invest more generously, potentially leading to expanded services, new projects, and ultimately, reaching more people who rely on these centers for support.
**Interviewer:** That’s fantastic news. Do we know how long this increased rate will be in effect?
**Guest:** This particular rate is valid for 2024. We’ll have to wait and see what the future holds for subsequent years.
**Interviewer:** Thank you for shedding light on this important development. It’s encouraging to see these measures in place, strengthening the vital work of Volunteer Service Centers.
**Guest:** It’s my pleasure. I hope this news encourages more foundations to step up and support these worthy organizations.