The Community Investment Tax Credit Program (CITC) offers State tax credits to Maryland businesses and individuals that contribute to nonprofit organizations that are working to address critical needs in the State’s communities. Through the program, businesses and individuals that make a donation to qualified nonprofit organizations receive a valuable State tax credit.
Nonprofit organizations apply for tax credit allocations competitively awarded by the Maryland Department of Housing and Community Development. Downtown Frederick Partnership has previously been awarded allocations of these credits. Please contact the Partnership to see if any credits are currently available.
Entities that donate directly to nonprofits receive tax credits equal to 50 percent of the value of the donation. These tax credits may be claimed in addition to State and Federal deductions for charitable contributions.
Entities must start using the credits against taxes owed for the year in which the contribution is made. If the credits exceed the taxes owed, the excess credits may be carried over for up to five years following the tax year in which the contribution was made. Credits may not be used retroactively against taxes owed for years prior to the year in which the contribution is made.
Any entity conducting business or operating a trade in or individual residing in Maryland is eligible.
Credits are sold on a first come first serve basis. For more information please call 301.698.8118 or email Danielle Doll at danielle@downtownfrederick.org.
