Generosity has the power to unite and heal communities in good times and bad! And a global threat like COVID-19 touches every person on the planet, and it presents an opportunity to come together as a global community.
This #GivingTuesday - Don't forget to support your local charities!
New Financial Incentives thanks to the CARES ACT
Did you know that the Federal Government's recently passed CARES ACT offers new financial incentives to complement the kindness of your heart?
The first charitable giving tax incentive, for taxpayers who do not itemize their deductions, allows an above-the-line deduction for cash charitable contributions of up to $300. This provision should help to increase donations from individuals who otherwise may not choose to make a charitable contribution.
The second charitable giving tax incentive, for itemizers, temporarily increases income limits for cash contributions by individual and corporate donors. Now, individuals can deduct up to 100% of their adjusted gross income (AGI) in cash contributions (raised from 60%) and corporations, up to 25% of taxable income (from 10%).
Take Time to GIVE if you can and Make a Difference for Home Builders Care - May 5, 2020
Home Builders Care is reviewing a potential project and we are looking for some MBIA members to help! The project involves the renovation of a duplex that houses two families needing affordable, supportive housing, plus the conversion of a detached garage into an accessible accessory dwelling unit (ADU). The property is in Takoma Park and is owned by Coalition Homes, a subsidiary of the Montgomery County Coalition for the Homeless. The current estimate on the renovation (not including the garage conversion) is $90K.
Right now in the duplex only one unit is occupied by a family. Potential contractors will be allowed in the vacant unit. The family there will probably be moved out once the stay at home order is lifted. Thus it is good planning time for this project!
Please contact Patti Kane for more information on how to get involved.
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