The Colorado Springs Philharmonic has been granted Enterprise Zone status by the state of Colorado – a designation that means donations will given state and federal tax credit.

Under the new designation, the out-of-pocket costs of a $10,000 donation could be reduced to less than $3,600, because of a 25 percent tax credit that applies to donations made to Enterprise Zone organizations.

Enterprise Zones were created to help taxpayers turn donations into capital investments in businesses and nonprofit organizations in Colorado, aiding business infrastructure, capital improvements and employee hiring and retention.