The head of Baltimore's Marion I. and Henry J. Knott Foundation says an
expansion of Maryland's million-dollar Community Investment Tax Credit
program to include corporate donors could help non-profit organizations
expand their physical investments in the city, in addition to boosting
programming.
"When I directed Light Street Housing, we used the
CITC program to develop new relationships and garner tens of thousands
of increased donations," says Knott Foundation executive director Greg
Cantori.
Under the CITC, organizations that have received grants
from foundations or other grantmakers can distribute tax credits to
donors in order to spur more strategic giving. Donors, in turn, receive a
tax credit that can be added to state and federal deductions the same
year, or rolled over for as many as five years.
Donors can find
non-profit organizations that match their giving goals and have
available tax credits on the Maryland Department of Housing and
Community Development's GIVE Maryland site, here:
http://www.mdhousing.org/givemaryland/
Writer: Sam Hopkins
Source: Greg Cantori, Knott Foundation