Anacostia Trails Heritage Area Inc. has been awarded Community Investment Tax Credits by the State of Maryland! We have CIT Credits available for qualifying contributions to support our work promoting and enhancing the tourism resources related to the trail system in Northern Prince George’s County. Funds will go toward workshops, business development, community support, and marketing around the many trails here in the Heritage Area.
For a limited time, ATHA Inc. can significantly reduce the out-of-pocket cost to Maryland taxpayers for making a donation to Anacostia Trails Heritage Area Inc. (dba Maryland Milestones). When you make a donation of $500 or more, we can offset half the value of the gift with Maryland Community Investment Tax Credits (CITC). Additionally, those who give in 2020 will qualify for the new Federal allowance of up to $300 in federal taxes.
The benefits of the Maryland Community Investment Tax Credit are available to donors who make a gift of $500 or more to “Anacostia Trails Heritage Area Inc.” by December 31, 2020. If you are interested in taking advantage of this unique incentive to support our work, please contact Executive Director, Aaron Marcavitch (email@example.com).
HOW IT WORKS
During the time we have credits, a contributor (business or individual) can double the size of your gift and we will offset half of the cost of the gift by issuing a CITC credit.
- You can use CITC tax credits to pay your Maryland income taxes and you can still deduct your gift on your Maryland income tax returns as a charitable donation.
- Talk to your accountant before you make the donation to fully understand how these tax credits and tax deductions will affect you.
- Depending on your tax bracket, this combination of tax credits and tax deductions can significantly reduce the out-of-pocket cost of supporting our work.
- Individuals and businesses must use the tax credit against taxes owed for the year in which the contribution were made and may not be used retroactively.
WHO CAN RECEIVE TAX CREDITS?
Individuals and businesses are eligible for Community Investment Tax Credits. This includes any individual who has a Maryland income tax liability and any business entity that is subject to Maryland income tax, the public service company franchise tax, or the Maryland insurance premiums tax.
We always recommend that our donors speak with their accountant in advance of making a significant financial contribution. It is wise to fully understand how your charitable giving will affect your federal and state tax obligations.
We have a limited amount of tax credits to distribute and they must be requested when you make your gift. We will work with donors to ensure the proper paperwork is filed. Each applicant will receive a “donor waiver form” which includes instructions to ensure the filing is complete and valid.