The state’s community development corporations are rushing to find more banking and corporate partners to take advantage of a new tax credit program launched this year. The Community Investment Tax Credits were allocated to 41 CDCs this year through a bill passed by the state legislature; corporations or individuals who donate to the CDCs can deduct an equivalent amount from their own tax bills. The law calls for five years of funding for the program, with up to $66 million in credits available. 

But of the $3 million in credits allocated for 2014, hundreds of thousands remain unclaimed, said Joe Kriesberg, president of the Massachusetts Association of Community Development Corporations. 

“About half the [participating] CDCs have applied all their credits, and most of the rest have applied the majority,” said Kriesberg. “It was a short year and we’re just getting started,” but the groups are hoping to connect with a few more partners before the end of the year. 

Though the credits will roll over and can continue to be tapped next year, any donations made after Dec. 31 must be applied to the 2015 tax year.

“A decent number of community banks are participating, but most of the major national banks have not. But some of the community banks have really stepped up their giving as a result [of the program], which is exciting,” said Kriesberg.