Community Investment Tax Credits

Are you a resident of Maryland or a business that pays Maryland state taxes? If so, HIP can help you boost your charitable contribution by reducing your tax liability using Maryland’s Community Investment Tax Credit program!

HIP has received an allocation of Community Investment Tax Credits (CITCs) from the Maryland Department of Housing and Community Development for Calendar Years 2024 and 2025. These CITCs support HIP’s Rental Housing Stability Programs, which provides support for our multifamily residents to remain in stable housing, and provides placement services and intensive coaching for homeless clients exiting shelters and finding permanent apartments.

———————————-

We are looking for individual donors and businesses that wish to contribute $500 or more to HIP, in $500 increments, up to $10,000. In return, donors are eligible to earn 50% of the value of this contribution in state tax credits. Our goal is to raise $50,000 by December 31, 2024, in celebration of HIP’s 35^th Anniversary!

The CITC program is open to anyone with a tax obligation to the state of Maryland. If a donor is eligible to itemize their deductions, this gift to HIP may also be fully deductible in addition to the tax credit. Please consult your tax advisor or the Maryland Comptroller’s office for detailed information.

NOTE – HIP’s tax credits will be sold on a first-come, first served basis. Please check the availability of credits with HIP’s Fundraising Director at lrbullock@hiphomes.org.

ELIGIBILITY —

Eligible businesses include any entity that conducts a trade or business in Maryland and is subject to the state income tax, the public service company franchise tax, or the insurance premiums tax. These types of entities generally include corporations, public utility companies, insurance companies, financial institutions, S corporations, partnerships, sole proprietorships, and limited liability corporations.

Eligible individuals include residents of Maryland. Residents are defined as individuals who are living in Maryland on the last day of the taxable year, or individuals who live in Maryland for more than 6 months of the taxable year and are physically present in the state for 183 or more days during the taxable year.