CITC Tax Credits.

Give Maryland and The Community Investment Tax Credit provides an opportunity for individuals and businesses to reduce their Maryland tax liability, help a local nonprofit organization achieve an essential community goal, and make a targeted impact on their community. Please see www.givemaryland.org for more information on the amount of tax credits still available at Habitat for Humanity of Wicomico County.

As part of an annual competitive application process, Maryland-based 501(c)(3) organizations apply to the Maryland Department of Housing and Community Development for the much-coveted tax credit allocations.

In 2016 & 2017, Habitat for Humanity of Wicomico County was awarded an allocation of $100,000 in tax credits for approved affordable housing projects: Church Street Revitalization.  Thanks to the many donations last year, there is currently $16,000 remaining in available tax credits that will expire December 31, 2018.

Individuals and businesses that donate to an organization’s approved projects earn Maryland tax credits equal to 50% of the value of their qualifying contribution. These credits are in addition to the deductions on both Federal and State taxes for the charitable contribution.  Individuals and businesses must use the tax credits against Maryland taxes owed for the year in which the contribution is made. Individuals and businesses contemplating a donation are encouraged to consult with their tax professional for information about their specific tax benefits, based on their situation.

The minimum contribution to qualify for a tax credit allocation is $500 and must be received by December 31, 2018. Businesses and individuals may donate up to $250,000 in one year, utilizing many Maryland non-profit’s tax credits. Tax credits may be rolled over 3 years to cover a business or individual’s Maryland tax obligation.

Contributions of $500 or more may be made by check payable to Habitat for Humanity of Wicomico County and mailed to or dropped off to 908 W. Isabella Street, Salisbury, MD 21801. This program requires a signed form authorizing the Department of Housing and Community Development to process the tax credits within the Community Investment Tax Credit program.  This form must be signed and dated prior to the date of the contribution. Within thirty days of receipt, donors should expect our letter evidencing receipt of the contribution from Habitat for Humanity of Wicomico County. The tax credit certificate will be delivered via email with three months with instructions on how to claim the credit. Wicomico Habitat also forwards this document to the donors accountant as a added convenience. Donors are encouraged to make their donation early in the fall to avoid delays in receiving their certification letters for the tax filing year.

Thank you for your continuing support of Habitat for Humanity of Wicomico County. Please consider this attractive tax savings opportunity as a part of your year-end tax planning while assisting our housing and community revitalization efforts in the heart of Salisbury. Please contact Molly Hilligoss by telephone at 410-546-1551x 107 or by email at molly@wicomicohabitat.org to obtain the simple DHCD MD Tax Credit Form that is you need to mail in with your donation.