July 5, 2014

Planning a Donation? Make it really count!

 If you or your company are planning on making a donation of $500 or more to CCM in 2015 or 2016, please ask about submitting a letter of commitment to bolster CCM’s application for the Community Investment Tax Credit program (CITC).  If we are accepted into the program, you can claim half your donation as a Maryland income tax credit.  That’s in addition to the standard federal and state deductions for a charitable donation.  Here’s the math – a $1,000 donation  at a 7% tax rate (tax rate varies according to your total income) earns you a $70 tax deduction plus a tax credit of $500. So you have contributed $1,000 to CCM and subtracted $570 from your tax liability. Net cost to you was $430.  It’s a great deal for everyone!