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!