CITC Tax Credit

Interested in reducing your Maryland tax liability while supporting MVLS? You’ve come to the right place. MVLS was recently awarded $50,000 in CITC tax credits by the Maryland Department of Housing and Community Development. The CITC program supports nonprofit organizations by granting State tax credits to nonprofits which they can use to incentivize contributions.

CITC TAX BENEFITS TO AN INDIVIDUAL DONER
ILLUSTRATIVE $5,000 DONATION
Donation to MVLS
CITC Tax Credit
Federal Charitable Tax Donation
MD Charitable Tax Donation
Net Cost of $5,000 Donation
$5,000
($2,500)
($1,980)*
($287.50)*
$232.50
CITC TAX BENEFITS TO AN INDIVIDUAL DONER
ILLUSTRATIVE $1,000 DONATION
Donation to MVLS
CITC Tax Credit
Federal Charitable Tax Donation
MD Charitable Tax Donation
Net Cost of $1,000 Donation
$1,000
($500)
($396)*
($57.50)*
$46.50

How it Works

When you make a donation of $500 or more to MVLS, you may be eligible to receive a Maryland CITC tax credit equal to 50% of the value of your donation. The CITC tax credits are in addition to Federal and State charitable tax deductions.

Who is Eligible

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.

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.

How to Apply for Credits

Individuals and businesses making donations are required to complete a simple two-page form and submit it to MVLS. When filing your Maryland Income Tax Return, Part E of Form 500CR of the electronic return must be completed and submitted with appropriate documentation. Contact Kim Lennon, Director of Development at 443 451-4065 or klennon@mvlslaw.org with your intent to donate to confirm tax credits are still available and to get the form.