Community Investment Tax Credits
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, worth up to 50% of the value of their donation.
How does the program work?
- 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 leeann@downtownfrederick.org to see if any credits are currently available.
- Individuals and businesses that donate $500 or more to the Partnership may be eligible to receive tax credits equal to 50% of the value of their donation. These tax credits may be claimed in addition to State and Federal deductions for charitable contributions.
- Credits must be used against taxes owed for the year in which the contribution is made. They may not be used retroactively for taxes from a prior year.
Who is eligible?
Any individual or entity that conducts a trade or business in the State of Maryland is eligible.
- Investment minimum is $500 (state requirement)
- Paperwork must be completed in advance of your investment. Contact leeann@downtownfrederick.org to receive the required Donor Acknowledgement waiver.
- If previously invested in the Partnership, gift must be doubled from the previous year
- If gift has been doubled once while participating in program, you are excluded from previous requirement
- Downtown Frederick Partnership will provide credits for the total investment (previous investment plus increased investment)
Credits are sold on a first come first serve basis. For more information please call 301.698.8118 or email Leeann Crews at leeann@downtownfrederick.org.
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