NEW CARROLLTON, MD - Maryland Department of Housing and Community Development Secretary Jake Day announced that the agency has awarded $1,750,000 in Fiscal Year 2024 Community Investment Tax Credits to more than 70 nonprofit organizations in 16 local jurisdictions. The tax credits will assist nonprofits in attracting private contributions to support local housing and community revitalization projects and initiatives. The program received 100 applications from nonprofits designated as 501(c)(3) organizations by the Internal Revenue Service requesting more than $4 million.
“Governor Moore has proclaimed Maryland to be a state of service, and these nonprofit organizations exemplify our state’s spirit of service through their great projects and programs,” said Secretary Day. “The Community Investment Tax Credit empowers local nonprofits to build partnerships and attract donations to support their efforts to end poverty, connect Marylanders with opportunity, and improve communities.”
Nonprofit organizations that receive the Community Investment Tax Credits then offer the credits as an incentive for individuals and businesses to support capital and operating costs associated with specific, approved project(s). Businesses and individuals that donate to a qualified organization's approved project can earn state tax credits equal to 50% of the value of the money, goods or real property contribution.
Individuals and businesses must use the tax credits against taxes owed for the year the contribution was made and may not be used retroactively for taxes from a prior year. These tax credits are in addition to the deductions on both Federal and State taxes as a result of the charitable contribution. 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.
Since its creation, the Community Investment Tax Credit program has leveraged nearly $27 million in charitable contributions to approximately 700 nonprofit projects and activities across the state. Nonprofit organizations receiving Fiscal Year 2024 Community Investment Tax Credit awards include:
- YMCA of Cumberland (Allegany): Operating support for a youth mentoring program developed to encourage at-risk youth to promote positive growth and discuss how current risk behaviors can affect future success.
- Annapolis Maritime Museum (Anne Arundel): Improvements to expand educational opportunities and water access at the museum and park.
- Jubilee Baltimore (Baltimore City): Strengthening homeownership along the Greenmount Corridor through redevelopment of vacant properties.
- End Hunger in Calvert County, Inc. (Calvert): Operating support for the End Hunger Warehouse Food Distribution Program which supports 72 organizations across Southern Maryland to help feed approximately 25,000 individuals annually.
- Alpha Genesis CDC (Dorchester): Expand operations to support economic development in Cambridge through arts and cultural heritage tourism.
- Friends of Greenbelt Theater (Prince George’s): Multigenerational education programming in the new Media Arts Literacy Lab.
To learn more about the department’s Community Investment Tax Credit program and how to donate to a qualified nonprofit organization, visit https://www.givemaryland.org.
