On Friday, February 17th, 2022, Maryland Department of Housing and Community Development announced St. Mary’s CDC was accepted as a participant of the Community Investment Tax Credit (CITC) program.
The CDC’s CITC program is catered to the Lexington Manor Passive Park Community Garden project – an endeavor spearheaded by the Healthy St. Mary’s Partnership and its garden steering committee. The committee, comprised of a diverse pool of county government employees, representatives of local nonprofits, and residents, approached the CDC in early 2022 with hopes of establishing it as the host agency to be in charge of the garden’s management post-construction.
The garden steering committee and the CDC will use the CITC program to raise the remaining funds necessary to construct and manage the gardens.
Read important program information below:
Community Investment Tax Credits support 501(c)(3) nonprofit organizations by awarding allocations of State tax credits for use as incentives to attract contributions from individuals and businesses to benefit local projects and services.
Community Investment Tax Credits complement other State funding programs which offer resources to assist communities with revitalization efforts. As part of an annual, competitive application process, 501(c)(3) nonprofit organizations apply to the Maryland Department of Housing and Community Development for tax credit allocations. The Community Investment Tax Credit program has leveraged nearly $27 million in charitable contributions to approximately 700 projects across the State.
Businesses and individuals that donate $500 or more to a qualified organization’s approved project(s) can earn tax credits equal to 50% of the value of the money, goods or real property contribution. These tax credits are in addition to the deductions on both Federal and State taxes as a result of the charitable contribution. Visit GIVE Maryland for information on specific projects and donate now to nonprofits that have available tax credits.
Individuals and businesses must use the tax credits against taxes owed for the year in which the contribution was made and may not be used retroactively for taxes from a prior year. Any individual or business contemplating making a donation is encouraged to consult with their accountant or tax professional for information about their specific tax benefits.
Read more about the Community Investment Tax Credit program and the Department of Housing and Community Development here.