Community Investment Tax Credits
Parks & People is proud to have received a generous award from a program of the Maryland Department of Housing and Community Development known as the Community Investment Tax Credit (CITC).
Donations made to Parks & People through this program will be used to support Druid Hill Park at Auchentoroly Terrace, a project that will restore of a parcel of land in Druid Hill Park.
In a nutshell: any individual or business that pays taxes in Maryland is eligible to make a donation to a qualified non-profit and receive 50% of the amount of that donation in state tax credits.
There are a few restrictions: (Please visit the CITC website for complete details)
-Gifts must be over $500 and under $250,000
-The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax but only one of these tax types may be used to earn the credit
How CITC Works
Here is an easy example: If you owe $1,000 in Maryland state taxes and you make a donation to Parks & People of $2,000, your earn $1,000 in tax credits reducing the amount you owe in taxes to $0!
In addition, you can also claim the Maryland Charitable Donation deduction on your taxes as well as the Federal Charitable Donation deduction. Here is an example of how it breaks down:
$2000 donation to Parks & People
$1000 CITC tax credit earned
$140 Maryland charitable deduction
$780 Federal deduction
Your expense = just $80!
It's a win-win-win situation!
For more information, email Parks & People or call us at (410) 448-5663 ext. 118. We will be happy to walk you through the process.