SPECIAL CAMPAIGNS FOR TAX CREDITS
Combined Federal Campaign - PROJECT PLASE INC - CFC# 56982
The Combined Federal Campaign takes place every fall, usually from mid-September through December. Employees receive a pledge card and often a "catalog" that lists all eligible charities – more than 4,000 in the DC/MD/VA area. Employees then decide which charities should receive their gifts.
Employees decide which charities should receive their gifts. They do so using a 5-digit code number (we provide that number for every charity on this website). They can only choose charities that have been accepted into the Campaign. Write-ins are not allowed. No other charity benefits from an employee's gift.
Each eligible charity can choose to become part of a CFC "federation" such as United Way or EarthShare, or it can be "unaffiliated." Federations help their members stay eligible, promote them, and collect and distribute donations. They charge a fee that varies according to the federation.
Community Investment Tax Credits (CITCs)
Project PLASE has again been awarded Community Investment Tax Credits (CITCs) from the State of Maryland. This means that donors may be eligible to receive 50% of their donation back through a Maryland state tax credit in addition to any standard federal and state tax deduction for the donation. The CITC Program supports Project PLASE by offering a Maryland tax credit incentive to individuals and Maryland-based businesses making a qualifying donation of $500 or more. Monetary and stock contributions are eligible; however, donations of service or labor are not. These tax credits will be given on a first-come, first-served basis until the entirety of the $50,000 has been distributed.
How does the CITC double my impact?
Through the CITC program, half of your donated amount is refunded back to you, putting 50% of your donation back in your pocket. But Project PLASE receives the full amount of your donation. The impact of your donation is double the dollar amount you actually give! The CITC program makes it possible for many donors to give twice as much as they normally could because they know they’ll receive 50% back at tax time. Even though you get half of your donation back, Project PLASE receives the full donation amount and you will have made a significant contribution to affordable housing and quality of life programming in Baltimore.
Why Give to Project PLASE
In 2020, the Baltimore Mayor’s Office of Homelessness’s census found that 2,193 people are experiencing homelessness in Baltimore on any given night. With unemployment and unaffordable housing as the most common causes of homelessness in Baltimore pre-pandemic, we can expect homelessness to increase as a result of COVID-19*. Project PLASE in 2020 served 1300 individuals with temporary and permanent housing as well as support services to ensure those who are at risk of homelessness, never succumb to this dire situation. Your donation (source: homeless.baltimorecity.gov)
Who is Eligible for CITC
- Individuals: Any individual taxpayer who is a Maryland resident.
- Businesses: Any entity that conducts a trade or business in the State and is subject to State income tax on individuals or corporations, the public service company franchise tax, or the insurance premiums tax such as corporations, public utility companies, insurance companies, financial institutions, S corporations, partnerships, sole proprietorships and limited liability corporations.
How the CITC Program Works
- Your donation must be a new gift of $500 or more.
- If you have given multiple times throughout the year and your combined donations in a year total $500 or more, you are eligible for CITC.
- Donations are made directly to Project PLASE and donors are simply required to complete a short form to be submitted for the CITC program.
- Eligible individuals or business entities that make donations of $500 or more will receive a tax credit equal to 50% of the value of the donation. These tax credits may be claimed in addition to state and federal deductions for charitable contributions.
- A donor must use tax credits against taxes owed for the year in which the contribution is made. Any excess credits may be carried over. Credits may not be used retroactively.
- Event sponsorship is also eligible for CITC – meeting the $500 minimum, however, you must subtract the Fair Market Value for goods and services the sponsor received in exchange for the selected sponsorship amount, then the donation must be deducted from the remaining/donation amount. Event sponsorship provides an excellent opportunity for increased recognition. For information about this, please contact Jenny Castellanos-Graham, 410-837-1400 x 121 | firstname.lastname@example.org
How to Apply for CITC
- Individuals and businesses making donations must complete a simple one-page form provided by Project PLASE and submit it with their donation.
- The Department of Housing and Community Development will provide certification of your donation. You must keep this documentation from DHCD for your tax records. When filing your Maryland Income Tax Return, you will need to include this documentation with your return.