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Endow Maryland Tax Credits Available for 2017: Program Rewards Donors Who Build Permanent Charitabl

The Endow Maryland Tax Credit Program continues to grow in popularity as it begins a third year of rewarding donors who make charitable gifts to their local community foundation.

Contributions to the Community Foundation of the Eastern Shore (CFES) under the Endow Maryland program qualify for a 25 percent tax credit on their state taxes. In addition, the donor also receives their federal tax deduction.

Assuming a federal personal tax rate of 25 percent, a charitable gift of $1,000 to the Community Foundation through Endow Maryland would be eligible for a $250 state tax credit and an additional $250 federal tax deduction, bringing the net cost to the donor to only $500.

Again in 2017, charitable gifts of $500 or more to the CFES Community Needs Endowment Fund, or any of the Field of Interest Funds, all administered by the Community Foundation, are eligible for a state tax credit.

Both of these types of funds at CFES focus on supporting the most urgent needs in the community and provide maximum flexibility for meeting those needs over time. In fiscal 2016, these types of funds at the Community Foundation provided more than 225 grants totaling nearly $400,000 that benefited areas of interests such as the arts, youth services, emergency food and housing, health initiatives, and the environment.

“Your investment in our community will make a difference now, and for generations to come, to address our region’s most pressing needs,” said Erica Joseph, CFES President. “Since Endow Maryland tax credits are limited, we urge you to call the Foundation about this opportunity,” she added.

To learn more about how you can make gifts to the Community Foundation that qualify for an Endow Maryland tax credit visit www.cfes.org or call 410-742-9911.

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