State of Maryland Community Investment Tax Credit Program

The Community Investment Tax Credit (CITC) Program offers State tax credits to Maryland businesses that contribute to nonprofit organizations that are working to address critical needs in the State’s communities. Patterson Park CDC is a participant in the CITC Program and was awarded state tax credits to distribute to Maryland businesses due to the amount of support we provide to our community partners and park events in the Patterson Park neighborhood. Patterson Park CDC will provide our remaining state tax credits to eligible businesses on a first come, first serve basis.

The CITC Program provides Maryland businesses with a financial incentive to support community projects. Through the program, businesses that make a donation to qualified nonprofit organizations receive a valuable State tax credit. Donating to the CITC Program helps the contributing businesses:
* Make a targeted community impact
* Help a local nonprofit organization achieve an essential community aim
* Reduce their Maryland tax liability

How does the program work?
Business entities that donate directly to nonprofits for approved projects receive tax credits 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, which may make the net cost of a contribution 27 cents or less for each dollar contributed. Patterson >Park has $27,750 remaining tax credits as of November 2006. The CITC Program requires a donation of at least $500 in order to be eligible to receive state tax credits.  Your donation to Patterson Park CDC will be used to support Patterson Park community events. Your donation decreases your Maryland tax liability and allows Patterson Park CDC to continue to support community projects in the Patterson Park community.

What businesses are eligible for the program?
Any entity conducting business or operating a trade in Maryland is eligible.  Legislation in 1998 expanded eligibility to include S Corporations, partnerships, sole proprietorships, and limited liability corporations, in addition to those previously eligible, which included corporations, public utility companies, insurance companies and financial institutions.

For more information regarding the State of Maryland Community Investment Tax Credit Program, please contact Kate Fulton, Assistant Director, 410.732.1609 x.1100