Children In Need, Inc. has been awarded Community Investment Tax Credits (CITCs) from the State of Maryland.participation in the CITC program will support the agency’s Client
This means that individuals and businesses may be eligible to receive 50% of their donation back through a Maryland state tax credit, in addition to any standard federal and state tax deduction for the donation. All donations raised through Children In Need’s and Extended Service Programs.
The CITC Program supports Children In Need, Inc. by offering a Maryland tax credit incentive to individuals and Maryland based businesses making a qualifying donation of $500 or more.
These tax credits will be given on a first-come, first-served basis until the entirety of the $25,000 has been distributed. All tax-credits must be approved by Children In Need prior to submission to the State of Maryland.
Please email Brittany Wedd at Brittany@childreninneedwc.org to learn more.
About Community Investment Tax Credits from the State of Maryland
Community Investment Tax Credits support 501(c)(3) nonprofit organizations by awarding allocations of State tax credits for use as incentives to attract contributions from individuals and businesses to benefit local projects and services.
Community Investment Tax Credits complement other State funding programs which offer resources to assist communities with revitalization efforts. As part of an annual, competitive application process, 501(c)(3) nonprofit organizations apply to the Maryland Department of Housing and Community Development for tax credit allocations. The Community Investment Tax Credit program has leveraged nearly $27 million in charitable contributions to approximately 700 projects across the State.
Businesses and individuals that donate $500 or more to a qualified organization’s approved project(s) can earn tax credits equal to 50% of the value of the money, goods or real property contribution. These tax credits are in addition to the deductions on both Federal and State taxes as a result of the charitable contribution. Visit GIVE Maryland for information on specific projects and donate now to nonprofits that have available tax credits.
Individuals and businesses must use the tax credits against taxes owed for the year in which the contribution was made and may not be used retroactively for taxes from a prior year. Any individual or business contemplating making a donation is encouraged to consult with their accountant or tax professional for information about their specific tax benefits.
