Endow Maryland Rewards Donors with Tax Credits
The Endow Maryland program allows Washington County residents to claim a 25% state tax credit when they create or contribute to an unrestricted community endowment fund at the Community Foundation of Washington County MD, Inc. The program promotes charitable giving while simultaneously providing donors with an incentive to give back to their local community. Donors have to give at least $500 to a community endowment fund or a minimum of $5,000 to create their own named endowment.
The Endow Maryland Tax Credit allows every community foundation in the state to distribute $15,000 worth of tax credits ($60,000 worth of contributions) on a first-come, first-served basis to local donors who contribute the minimum amount. All community foundations in the state have until June 30th to claim their allocation. After that, any unclaimed credits become available to any foundation on a first-come, first-served basis. The Community Foundation of Washington County has limited the first $15,000 in tax credits to its unrestricted community funds that provide grant money to local nonprofits through a competitive grant application.
In 2015, the Foundation had 21 people either contribute to a pre-existing fund or create their own fund. Per Executive Director Brad Sell, “Out of these 21 contributions, we had ten new funds created that will support the great work of our nonprofit community in perpetuity. Since many of the other community foundations did not use all of their credits for this program, we had the opportunity to secure even more credits for our donors. We ended up generating $135,000 in contributions for Endow Maryland.”
For more information on the Endow Maryland Tax Credit, please call the Community Foundation of Washington County MD at (301) 745-5210.