Endow Maryland Tax Credits
Continuing in 2019, the state tax credit called “Endow Maryland” rewards donors who help build permanent charitable funds for local communities across Maryland. Endow Maryland provides an incentive for Marylanders to give back to their local communities.
Endow Maryland tax credits are awarded for donations, $500 to $200,000, to new and existing permanently endowed funds that benefit local communities. The tax credits, which are 25% of the value of the contributed cash or securities, are awarded on a first-come, first-served basis. The sum of all Endow Maryland tax credits, including any carryover credits, may not exceed $50,000 and/or the total amount of tax otherwise payable by the taxpayer for the tax year. Excess credits may be carried over for five (5) years. The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. However, the same credit may not be applied to more than one tax type.
For information on how to make your gift to the Mid-Shore Community Foundation qualify for an Endow Maryland tax credit, contact: Michael E. Morris, MSCF Chief Financial Officer at firstname.lastname@example.org or (410) 820-8175 x 107.