Support Independence Seaport Museum

Make the most of your giving to ISM using the CARES Act!

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to help combat the far-reaching impacts of COVID-19.  The bill may provide increased tax incentives for charitable giving for some donors, but these benefits apply only in the 2020 tax year, so you must act by December 31.

Although there are a number of potential benefits, we wanted to highlight the benefit below:

Donors who itemize can deduct cash contributions to Independence Seaport Museum to offset up to 100% of their income. Ordinarily, this income tax charitable deduction for cash gifts is limited to 60% of income. The 100% limit allows especially generous donors to reduce their 2020 federal income tax to zero. Existing carry-over rules still apply, so those who are even more generous can carry forward unused cash contribution deductions for up to five years.  This makes it easier now more than ever for our most generous supporters to make a gift of a lifetime to Independence Seaport Museum.  Please note that this only applies to "cash" donations.

We advise our philanthropic partners to check with their tax advisor to learn more about how the CARES Act may specifically apply to their tax situation.  We would also be happy to have a conversation.

This information does not constitute legal or financial advice. Consult your financial advisor and obtain professional counsel of an attorney to assist you in making a gift in a way that will benefit the people and organizations you care most about.

 

Help connect visitors of all ages with our region’s waterways by making a gift to the Museum’s Annual Fund today.

 Every gift of every size helps us dive into the science of our waterways, explore history, appreciate art, and expand on-water opportunities for our community. Whether your interest is in our National Historic Landmark ships Cruiser Olympia and Submarine Becuna, ecological education for kids and teens, or one of our many other programs, your tax-deductible contribution supports something for everyone at Independence Seaport Museum.

Please consider making your gift today. For questions about contributing to the Museum, please contact our Development office at 215-413-8626, or by email at development@phillyseaport.org.

EITC 
Independence Seaport Museum is an approved Educational Improvement Organization (EIO) under the Educational Improvement Tax Credit (EITC) Program of the Pennsylvania Department of Community and Economic Development. The EITC awards tax credits to eligible businesses that make contributions to Independence Seaport Museum's educational improvement programs.

To apply for the EITC program, visit the EITC website and download the business application guide. To learn more about directing a gift from your business for the EITC program, please contact our Development department at 215-413-8617 or by email at development@phillyseaport.org.