Community Investment Tax Credits
For a limited time, we can significantly reduce the out-of-pocket cost to Maryland taxpayers for making a donation to Preservation Maryland. When you make a donation of $1,000 or more, we can offset half the value of the gift with Maryland Community Investment Tax Credits (CITC).
How it works
If you plan to make a large gift to Preservation Maryland, please contact us before you make the gift. If we still have CITC tax credits available, you can double the size of your gift and we will offset half of the cost of the gift by issuing a CITC credit.
- You can use CITC tax credits to pay your Maryland income taxes and you can still deduct your gift on your Maryland income tax returns as a charitable donation
- Talk to your accountant before you make the donation to fully understand how these tax credits and tax deductions will affect you
- Depending on your tax bracket, this combination of tax credits and tax deductions can significantly reduce the out-of-pocket cost of supporting Preservation Maryland’s work
Who can receive tax credits?
Individuals and businesses are eligible for Community Investment Tax Credits. This includes any individual who has a Maryland income tax liability and any business entity that is subject to Maryland income tax, the public service company franchise tax, or the Maryland insurance premiums tax.
Your accountant
We always recommend that our donors speak with their accountant in advance of making a significant financial contribution. It is wise to fully understand how your charitable giving will affect your federal and state tax obligations.
Contact Us Today
Please call Preservation Maryland if you want to receive a Maryland CITC tax credit in exchange for your gift. We have a limited amount of tax credits to distribute and they must be requested when you make your gift.
Doug Harbit
Director of Development
Preservation Maryland
dharbit@presmd.org
410-685-2886 x307