Tax Credits

If you are an entity conducting business or operating a trade in Maryland you are eligible for the Community Investment Tax Credit program CITC@dhcd.state.md.us that allows you to donate directly to Caroline Center and receive tax credits equal to 50 percent of the value of a donation that is $500 or greater.  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 typically 27 cents or less for each dollar contributed.  (See table below).  Partnerships, sole proprietorships, s-corporations, and limited liability corporations are eligible along with corporation, public utility companies, insurance companies, and financial institutions.

 

Sample of Benefits to Donor
Initial Gift by Business Donor to Caroline Center
$10,000
Federal tax savings
(31.62%)
(3,162)
Maryland State tax savings
( 7.00%)
(   700)
Maryland State tax credit*
(50.00%)
(5,000)
Net cash outlay by donor  
$  1,138