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Maryland Community Investment Tax Credit

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Question
Maryland Community Investment Tax Credit

Answer

Businesses or individuals who contribute to approved Community Investment Programs may be eligible for a credit against the Maryland State income tax. Contributions must be made to a nonprofit organization approved by the Department of Housing and Community Development (DHCD). The taxpayer must apply to and receive approval by the DHCD for each contribution for which a credit is claimed. The credit is limited to 50% of the approved contributions (including real property) not to exceed $250,000.

Note: A copy of the required approval from the DHCD must be included with Form 500CR.

500CR Instructions


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Views: 420 Created on: Jun 15, 2013
Date updated: Sep 28, 2015
Posted in: STATES, Maryland

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