Giving naturally generates an internal reward, but the Endow Maryland Tax Credit (EMTC) program offers a financial reward to donors for focusing on the needs in our community. CTF has these tax credits available for donors who create or contribute to endowments focused on enhancing the lives of those in Western Maryland. Qualified donors receive a 25% tax credit on their Maryland state tax return, this means a $1,000 gift may only cost you $750 after the tax credit is applied. The credits apply to contributions of $500 – $250,000. It’s a win-win for donors and the community. The money stays here in Allegany and Garrett counties and generates many times the original value of the gift benefiting local nonprofits and students through grants and scholarships. The tax credits are available the beginning of each year on a first-come, first-served basis. They typically run out by July, so plan your giving early to take advantage of this opportunity. Contributions may be made in the form of a personal check, stock gift, or Required Minimum Distribution (RMD). Contributions to the Allegany County Fund and the Garrett County Fund qualify for this tax credit.
