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