Community Investment Tax Credits
The State of Maryland offers an incredible incentive to Maryland residents and businesses to support approved charitable organizations that address critical needs in their local communities through the Community Investment Tax Credit program.
The annual, competitive application program offers a true state tax credit equal to 50% of a charitable gift in addition to any deduction taken for making a charitable gift!
This year, we were awarded a $32,000 allocation of tax credits to support our efforts to raise $150,000 to completely fund the purchase of a second chemistry analyzer for the lab at UM Shore Medical Center at Chestertown. According to lab management, our equipment runs 24/7/365 and tests approximately 200 specimens daily with each including up to 19 individual components. That’s a lot of service!
Chemistry analyzers are the backbone of all diagnostic laboratory work at every hospital. This essential piece of equipment performs a broad spectrum of critical diagnostic testing which doctors rely on to assist in the care provided to our patients.
A minimum contribution of $1,000 is required to participate in our program. The paperwork is minimal (and we help you complete it)! The state permits a maximum claim of $125,000 of credits per year. Any unused portion of these tax credits may be carried forward for a total of five years. Credits may not be used retroactively.
If you have any interest, please contact us immediately as our allocation typically sells out very quickly! Tax credits are limited and are available on a first come, first served basis.
For more information call Maryann Ruehrmund at 410-810-5660.