& Queen Anne's Hospital
May 16, 2003
FOR IMMEDIATE RELEASE
Queen Anne’s Hospital Offers
The tax credit program is part of the Neighborhood Partnership Program which was established by the General Assembly in 1996 and is administered by the Maryland Department of Housing and Community Development.
The program encourages businesses to make new or increased contributions to support community development projects in targeted areas. The program also allows businesses to decide how to spend some of their tax dollars in their own communities.
For example, a small business with taxable income up to $50,000 that makes a $1,000 donation to the Kent & Queen Anne’s Hospital Foundation could receive the both a $170 charitable federal and state deduction on its income tax return and a $500 tax credit on its state income tax return. Therefore the total tax benefit would be $670, and out-of-pocket expense would be just $330.
The purpose of the program is to improve the well-being of people and the health of communities in targeted areas by strengthening the ability of non-profit organizations to build partnerships with their local business community.
Maryann Ruehrmund, director of development for Kent & Queen Anne’s Hospital, encourages businesses to take advantage of the program. “They should act quickly to take advantage of the tax savings offered by this plan because once the current allotment of credits is pledged, there may be a delay in securing additional credits,” she notes.
For more information about the tax credit program contact Maryann Ruehrmund at 410-778-7668, ext. 4070.