Today we’re sharing some info from our friends at Habitat for Humanity of Wicomico County
Minimize tax payments and maximize the impact of charitable dollars
Oliver Waters, President of the Board of Directors of Wicomico Habitat, announced today that Community Investment Tax Credits were available for donations of $500 or more to support Habitat’s efforts to revitalize the East Church Street neighborhood.
“Tax Credits provide a wonderful opportunity to reduce your tax bill while contributing to a great cause,” explains Mr. Waters. The Community Investment Tax Credit program provides an incentive for Maryland businesses and individuals to increase their charitable giving. For every donation of at least $500, which qualifies as a charitable contribution on both Maryland and Federal returns, individuals or businesses receive their normal charitable deduction on both Federal and State taxes and an additional credit of 50% of the donation on their Maryland tax return. “This is a win-win proposition,” notes Waters. “Donors realize significant savings on their tax obligations while supporting an organization that has a positive impact on their community.”
For example, The Chandler Trust donated $5,000 recently and will receive a $7,500 tax credit.
The State of Maryland has awarded Habitat tax credits to continue its efforts to revitalize the Church Street neighborhood. Habitat has built or renovated 16 homes in the Church Street area, stimulating private investment and helping to reduce crime. Contributions to Habitat not only help a deserving low income family to realize their dream of home ownership, but in revitalizing a core city neighborhood, improve the quality of life for all the residents of Wicomico County, ” Mr. Waters explains.
-By Molly Hilligoss at Habitat for Humanity of Wicomico County
For more information about the benefits of tax credits, contact TRS CPA Group, P.A.