Community Investment Tax Credit Program
Support Through Tax Credits
Attention GEDCO supporters & donors!
GEDCO was awarded Community Investment Tax Credits (CITC) from the State of Maryland for 2023–2024 to support our Strategic Plan of providing more quality services for those in need in Baltimore.
This means that, as a donor, you are eligible to receive up to 50% of your donation back through a Maryland state tax credit. This benefit is in addition to the Federal and State charitable tax deductions.
As always, thank you for your support.
Who is Eligible
Individuals: Individual residents of Maryland are eligible if domiciled in Maryland on the last day of the taxable year or if s/he maintains a place of abode in Maryland for more than six months of the taxable year and is physically present in the State for 183 days or more during the taxable year.
Businesses: Any entity that conducts a trade or business in the State and is subject to State income tax on individuals or corporations, the public service company franchise tax, or the insurance premiums tax. These types of entities generally include corporations, public utility companies, insurance companies, financial institutions, S corporations, partnerships, sole proprietorships, and limited liability corporations.
How It Works
- Your donation must be a new gift of $500 or more.
- You must sign and return a “Waiver of Information” each calendar year prior to donating to receive the tax credit certification. The signature on the gift instrument must match the waiver applicant.
- You must file your tax returns electronically to take advantage of the tax credits.
- Tax Credits must be claimed on State tax returns for the year of the donation. Any remaining credit may carry forward for up to four additional years.
Eligible Contributions
- Direct financial support, new or used goods, and real estate. Individuals or businesses that wish to donate real property must contact the non-profit and the Maryland Department of Housing and Community Development’s Community Investment Tax Credit Program for approval prior to making the donation.
- Donors cannot receive tax credits for donations of time, pro bono services, or monetary gifts through direct IRA distributions, charitable trusts, or other tax-favored investments.
Other Important Information
Please include “GEDCO Strategic Plan/Tax Credits” in the additional comments section. Prior to making a donation for CITC Credits, contact Melodie Cunningham (see contact information below).
TO FIND OUT AVAILABLE CREDITS, CONTACT:
Melodie Cunningham, Director of Resource Development & Marketing
(443) 470-6732 or [email protected].
