Denali Chamber Economic Development Proposal - Flipbook - Page 37
use various strategies and incentives to
attract businesses, investments, and
infrastructure development.
2. Tax Status:
Economic Development District:
Economic development districts may or
may not have tax-exempt status, depending
on their legal structure and the specific
laws and regulations governing them.
Some economic development entities may
have tax advantages, but their primary
focus is on economic development rather
than providing tax deductions to donors.
501(c)(3) Foundation:
A 501(c)(3) foundation is tax-exempt under
section 501(c)(3) of the Internal Revenue
Code. This means that donors to such
organizations can generally claim tax
deductions for their contributions, and
the foundation itself is exempt from
federal income tax.
1. Governance:
501(c)(3) Foundation:
501(c)(3) foundations typically have a
board
of
directors
or
trustees
responsible
for
overseeing
the
organization's operations and ensuring it
adheres to its charitable mission.
Economic Development District:
Economic development districts are often
governed by a mix of public and private