What is the Community Investment Tax Credit Program?
The Community Investment Tax Credit program (CITC) is a program of the Maryland Department of Housing and Community Development that provides tax incentives to encourage Maryland individual residents and/or business entities to support qualified 501(c)(3) nonprofits - such as the Home Builders Care Foundation (HBCF) - that are working to improve our community. Tax credits are awarded annually by the Maryland Department of Housing and Community Development on a competitive basis to nonprofit organizations that sponsor community activities in Priority Funding Areas. It's a great opportunity to have a direct say as to where your tax dollars are spent.
We are proud to announce that Home Builders Care has been awarded $25,000 in tax credits for the two year period of 2021-2022!
How does it work?
When you make a donation of $500 or more to HBCF, you may be eligible to receive a Maryland CITC tax credit equal to half the value of your donation. CITC tax credits are equal to 50% of the value of the donated money, goods or real property and are IN ADDITION to Federal and State charitable tax deductions as a result of the contribution. Note: the Tax ID number of the donor (i.e. SSNs for individuals or Federal TINs for businesses) must match the Tax ID of the state taxpayer in order to process the credit.
Home Builders Care is currently working with the state on the processes to officially allocate tax credits to qualified donors. More information will be available shortly. Please contact Patti Kane, HBCF Director with any immediate questions.
