CITC TAX CREDITS AVAILABLE
Making a gift to our
Aging in Place Program
may save you a lot on your Maryland taxes! How does this work?
For donations of at least $500, you will receive a
tax CREDIT of 50%
of your gift. This is on top of the standard State and Federal tax deduction for a charitable donation. Where a deduction reduces your taxable income, thus saving you from paying taxes on that income, a Tax Credit directly reduces your taxes on a dollar-for-dollar basis.
For example, if you donate $1,000, you get the “regular” deduction for a $1,000 donation. Then you can deduct $500 from the taxes you owe to Maryland. If you don’t owe that much, you can spread it out over a few years.
For most people, donating $1,000 only takes about $145 out of their pocket.
Both businesses and individuals are eligible. You can give the donation in one lump sum, in installments, through payroll deduction or even by appreciated stock.
to discuss how you can become a CITC donor.