Community Investment Tax Credits (CITC)
WBC Community Development Corporation has been awarded Community Investment Tax Credits (CITC) by Maryland’s Department of Housing and Community Development. Any individual or business that pays taxes to the state of Maryland can donate $500 or more to WBC CDC and earn tax credits equal to 50% of the value of their contribution to reduce their tax liability.
If you itemize, there may be additional benefits that increase the tax benefits of your give.*
The tax credits must be used against Maryland state taxes owned for the year in which the contribution was made and may not be used retroactively for taxes from a prior year. In some cases, a portion of the tax credits can be carried over to future years.
ELIGIBLE DONORS:
Individuals: A resident of Maryland (as defined by Maryland tax law)
Businesses: Any entity that conducts a trade or business in the State and is subject to: the State income tax on individuals or corporations: the public service company franchise tax or the insurance premiums tax (e.g. corporations, public utility companies, insurance companies, financial institutions, partnerships, sole proprietorships and limited liability companies).
ELIGIBLE CONTRIBUTIONS:
Cash contributions of $500 or more.
HOW TO CONTRIBUTE:
Make or pledge your donation today. WBC CDC will follow up with a simple waiver form.
Tax Credits are limited. Tax Credits will be distributed on a first-come, first-served basis.
QUESTIONS?
Contact Tracy Evans, President at info@wbccdc.org or (410) 578-9142
Maryland Department of Housing and Community Development
Community Investment Tax Credit Program
AWARDEE AND DONOR WAIVER OF INFORMATION
In order for a contribution to be eligible to receive tax credits from the Community Investment Tax Credit program, this form must be completed and signed by both the Donor and the nonprofit organization (Awardee) that has been awarded those credits for its specified project - prior to any contribution being made. It is the responsibility of the Awardee to provide this form to the Donor and submit the form, completed by both the Donor and Awardee, to the Maryland Department of Housing and Community Development. The Donor is required to submit this form for every tax year to every Awardee to whom the Donor makes a contribution that is eligible for tax credits.
NOTICE AND WAIVER: The statute authorizing the Community Investment Tax Credit program requires the Department to make information available to the Maryland General Assembly, Comptroller of Maryland, Maryland State Department of Assessments and Taxation, and the Maryland Insurance Administration. Information includes identification of the Awardee, a description of the project, the type and amount of contributions, and the Donor's identity and Social Security Number or Federal Tax Identification Number. In signing this Tax Credit Waiver, the Awardee and the Donor acknowledge this obligation and, to the extent necessary, waive any rights to confidentiality in this or related information.
DISCLAIMER: The tax credit is based on the donor's eligibility under Program requirements and under tax laws or other requirements affecting the donor. Neither the Department nor the Awardee makes any representations about the tax consequences in connection with a particular contribution.
DONOR INFORMATION: Please sign and complete the information below.