CITC Tax Credits.
Give Maryland and The Community Investment Tax Credit provides an opportunity for individuals and businesses to reduce their Maryland tax liability, help a local nonprofit organization achieve an essential community goal, and make a targeted impact on their community. Please see www.givemaryland.org for more information on the amount of tax credits still available at Habitat for Humanity of Wicomico County.
As part of an annual competitive application process, Maryland-based 501(c)(3) organizations apply to the Maryland Department of Housing and Community Development for the much-coveted tax credit allocations.
For the 2024 fiscal year, Habitat for Humanity of Wicomico County has received $50,000 in tax credits to serve our Aging in Place programs. These tax credits are available on a first-come, first-serve basis. Anyone interested in participating may contact Director of Development, Christina Williams, at [email protected].
Individuals and businesses that donate to an organization’s approved projects earn Maryland tax credits equal to 50% of the value of their qualifying contribution. These credits are in addition to the deductions on both Federal and State taxes for the charitable contribution. Individuals and businesses must use the tax credits against Maryland taxes owed for the year in which the contribution is made. Individuals and businesses contemplating a donation are encouraged to consult with their tax professional for information about their specific tax benefits, based on their situation.
The minimum contribution to qualify for a tax credit allocation is $500 and must be received by December 01, 2023. Businesses and individuals may donate up to $250,000 in one year, utilizing many Maryland non-profit’s tax credits. Tax credits may be rolled over 3 years to cover a business or individual’s Maryland tax obligation.
Contributions of $500 or more may be made by check payable to Habitat for Humanity of Wicomico County and mailed to or dropped off to 908 W. Isabella Street, Salisbury, MD 21801. This program requires a signed form authorizing the Department of Housing and Community Development to process the tax credits within the Community Investment Tax Credit program. This form must be signed and dated prior to the date of the contribution and signed by the same individual whose name appears on the contribution check. Within thirty days of receipt, donors should expect our letter evidencing receipt of the contribution from Habitat for Humanity of Wicomico County. The tax credit certificate will be delivered via email with three months with instructions on how to claim the credit. Wicomico Habitat also forwards this document to the donors accountant as a added convenience. Donors are encouraged to make their donation by early fall to avoid delays in receiving their certification letters for the tax filing year.
Thank you for your continuing support of Habitat for Humanity of Wicomico County. Please consider this attractive tax savings opportunity as a part of your year-end tax planning while assisting our housing and community revitalization efforts in the heart of Salisbury. Please contact Christina Williams by telephone at 410-546-1551x 106 or by email at [email protected] to obtain the simple DHCD MD Tax Credit Form you need to mail in with your donation.