Money doesn’t grow on trees!
Or does it?
Thanks to the Maryland Community Investment Tax Credit (CITC), your donations to the Kent Center, Inc. could make you feel that money really does grow on trees. Through CITC program Maryland residents and businesses earn State tax credits, meaning the after-tax cost for an individual or business ranges from just 30 cents to 4 cents per dollar donated.
The CITC program allows Maryland individuals and businesses to earn State tax credits for contributing to nonprofit organizations that address critical needs in Maryland communities. The program is intended to foster private sector and nonprofit partnerships by providing incentives to businesses and individuals to support community projects. The projects are selected competitively to assure that the nonprofit organizations have the necessary capacity, stability, and commitment to carry out their missions.
Donors earn tax credits equal to 50 percent of the value of their contribution. The credits may be claimed in addition to the usual State and Federal deductions for charitable contributions. This tax credit may be taken against corporate income tax, personal income liability, Insurance Premiums’ Tax, and Public Service Company Franchise Tax. The credits are only realized at the time of tax filing.
The paperwork is minimal and we help you complete it!
The minimum donation is $500. Each donor may claim a credit of up to $125,000 per year. Unused credits may be carried forward for up to five additional tax years. You should check with your accountant to verify your actual cost savings.
This generous giving incentive program will enable Kent Center to provide the additional resources needed to help our Kent Center family members achieve their goals and dreams. With your help and support, we can wave that magic wand and help make the wishes of our family members come true.
For more information, contact Rebekah Hock at 410-778-7303, ext. 37 – or the State of MD, CITC Program at 410-514 -7280.