Financial Benefits for You!
Community Investment Tax Credit Program (CITC)
The CITC Program supports nonprofits by awarding Maryland tax credits to individuals and businesses who make donations. What does that mean? When you make a gift of $500 or more to Port Discovery Children’s Museum, you may be eligible to receive a Maryland tax credit equal to 50% of the value of your gift—that’s in addition to Federal and State charitable tax deductions!
Contact Erin Wahl, Development Specialist, at 410.864.2667 or via email at firstname.lastname@example.org to take part in the tax credits, ask any questions, and confirm they are still available!
Financial Benefits for You
A gift of $500 or more to Port Discovery Children’s Museum means that you qualify to receive a state tax credit worth 50% of the value of your contribution. This benefit is in addition to Federal and State charitable tax deductions.
Gifts of money, goods or real property worth $500 or more from individuals or businesses that have tax liability in the state of Maryland can be accepted.
Individuals or businesses that wish to donate real property must contact the nonprofit and the Maryland Department of Housing and Community Development’s Community Investment Tax Credit Program for approval prior to making the donation.
Contributions of service or labor, as well as pledges, are not eligible.
Who is Eligible:
- Individuals: Any individual taxpayer who is a Maryland resident.
- Businesses: Any entity that conducts a trade or business in the State and is subject to State income tax on individuals or corporations, the public service company franchise tax, or the insurance premiums tax. These types of entities generally include corporations, public utility companies, insurance companies, financial institutions, S corporations, partnerships, sole proprietorships and limited liability corporations.
How it Works
- Your donation must be a new gift of $500 or more.
- Donations are made directly to Port Discovery Children’s Museum and donors are simply required to complete a short form to ensure that they receive the tax credit.
- Individuals or business entities that make donations of $500 or more will receive a tax credit equal to 50% of the value of the donation. These tax credits may be claimed in addition to state and federal deductions for charitable contributions. When combined with these deductions, the individual or business may be able to deduct up to 75 cents for every dollar donated.
- A donor must start using tax credits against taxes owed for the year in which the contribution is made. Any excess credits may be carried over for 5 years following the tax year in which the contribution was made. Credits may not be used retroactively.
How to Apply
- Individuals and businesses making donations must complete a simple one-page form and submit it to Port Discovery Children’s Museum with their donation.
- The Department of Housing and Community Development will provide certification of your donation. Keep this documentation from DHCD for your tax records. When filing your Maryland Income Tax Return, include this documentation with your return.
- Contact Erin Wahl, Development Specialist, at 410.864.2667 or via email at email@example.com.
*Gifts received by third parties, including but not limited to family foundations, donor-advised funds, community foundations, may not be eligible for this program. For more information about eligibility, please consult with your tax advisor.*
The Community Investment Tax Credit Program is an initiative of the Maryland Department of Housing and Community Development. It promotes community partnership by providing state tax credits to businesses and individuals who contribute to nonprofit organizations that address critical needs in local communities. Port Discovery is one such organization. All contributions support the Museum’s Playing Today, Leading Tomorrow Capital Campaign.