Community Investment Tax CreditsThe MEDA Foundation, Inc. is pleased to announce that the Foundation has received an award of $15,000 in Community Investment Tax Credits from the Maryland Department of Housing and Community Development. As the result of an annual competitive process, the Community Investment Tax Credit program awards 501(c)(3) nonprofit organizations allocations of Maryland tax credits to nonprofits for use as incentives to attract contributions from businesses and individuals to benefit local projects and services. The Foundation will be utilizing donor contributions to support its on-going programs and enhance its ability to provide technical assistance and professional development. How it Works: Businesses and individuals that donate $500 or more to The MEDA Foundation can earn Maryland tax credits equal to 50% of the contribution. These tax credits are in addition to allowable deductions on both Federal and Maryland tax returns as a result of the charitable contribution. Donors must use the tax credits against Maryland taxes owed for the year in which the contribution is made. Tax credits may not be used retroactively for taxes from a prior year. Individuals and businesses contemplating a donation to the Foundation are encouraged to consult with their accountants or tax professionals for information about their specific tax …
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