Hogan administration awards more than $1.7 million through community investment tax credit program

Hogan administration awards more than $1.7 million through community investment tax credit program

Over 100 Maryland Nonprofits Receive State Tax Credits

New Carrollton, Maryland. (May 2, 2022) – The Maryland Department of Housing and Community Development today announced the winners of the Community Investment Tax Credit program. More than 100 nonprofit organizations, designated as 501(c)(3) organizations by the Internal Revenue Service, have claimed these tax credits to attract private contributions to support projects or activities in communities located in a designated priority funding area.

Projects eligible for tax credits include education and youth services; housing and community development; enhancement of neighborhoods and business districts; arts, culture and historic preservation; economic development and the promotion of tourism, and; services for at-risk populations. Visit GIVE Maryland for more information on specific projects and activities funded by Community Investment Tax Credits.​​​​​​​​​​​​​​​​​​​​​

“With these tax credits, nonprofits can focus more on the good work they do in Maryland communities and less on income tax owed to the federal and state governments,” said said DHCD Secretary Kenneth C. Holt. “Our department will continue to work with these organizations to ensure they have the resources, like these tax credits, to continue to serve and support communities across the state.

One of Maryland’s successful state revitalization programs, the Community Investment Tax Credit program provides state tax credits to nonprofit organizations who then provide the credits to businesses and individuals to support their activities. . If a company or individual donates $500 or more to the approved project(s) of a qualified organization, the donor may obtain state tax credits equal to 50% of the value of his contribution in money, goods or real estate.

Since 2015, nearly $22 million in contributions have been made to support more than 400 local nonprofit projects and services. For the 2021 tax year, nearly 840 businesses donated $3.4 million to support 121 projects and services across the state.

Individuals and businesses must use tax credits against taxes due for the year in which the contribution was made and cannot be used retroactively for taxes from a prior year. Any person or business considering making a donation is encouraged to consult their accountant or tax professional for information on their specific tax benefits.

Applications for the Community Investment Tax Credits Program for FY23 will open May 5, 2022. Interested applicants can visit the Community Investment Tax Credits Program page to learn more.

See the list of winners of the 2022 Community Investment Tax Credits Program.

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CONTACT: Sara Luell, Director, Office of Public Information – [email protected] Emily Allen Lucht, Director of Communications – [email protected]

Jill E. Washington