Community Investment Tax Credits
The 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 benefits.
Who Can Contribute?
Any businesses or individual with a vested interest in economic development in Maryland can make a charitable donation to the Foundation and benefit by:
Reducing their Maryland tax liability
Helping provide professional development and skills-training opportunities
Supporting programs that raise awareness of economic development efforts statewide
Improving outreach and support to local and county governments on economic and community development issues
Support Economic Development in Maryland
Your contribution to The MEDA Foundation, Inc. will ultimately be part of the investment we are making to improve Maryland’s economy by supporting existing businesses, nurturing entrepreneurs and creating jobs. The MEDA Foundation, Inc. is a 501(c)3 nonprofit that supports the collaboration of economic and community development professionals that are helping businesses choose Maryland as the place to grow and succeed. Through professional development, outreach and technical assistance, the Foundation’s programs transform lives by creating game-changing opportunities, inspiring innovation and entrepreneurship, and enhancing communities throughout Maryland.
For More Information:
If you are interested in making a contribution to The MEDA Foundation, please call 410-347-1246 or email Pam Ruff, Executive Director at email@example.com.
Cambridge Main Street also has Community Investment Tax Credits available through Department of Housing and Community Development (DHCD) that will expire December 31st. The tax credits are easy to take advantage of with a donation to the organization on or before Dec 31st. The tax credits leverage an additional 50% towards the original donation amount received by the organization. For example: A donation of $10,000, is tax-deductible, plus an additional $5,000 in tax credits, giving the company a total of $15,000 that can be claimed when filing taxes with the state.
Donations help to support the operating budget for Cambridge Main Street. Cambridge Main Street helps to support a climate for business in downtown Cambridge through promotions, streetscape initiatives, technical support to property owners and businesses, using available incentives and resources to encourage revitalization and investment in downtown infrastructure. Cambridge Main Street is also an advocate for downtown interests locally and at the state level. Cambridge Main Street is a state designated program affiliated with the National Main Street program. Work is accomplished by a dedicated team of community and business volunteers.
Please contact Katie Clendaniel, Executive Director Cambridge Main Street firstname.lastname@example.org