Tax Credit ProgramSchool 33 Art Center can help you reduce that obligation through the Community Investment Tax Credit Program of the Maryland Department of Housing and Community Development. (include read more feature)
How does it work?
Your business donates between $500 and $35,000 to School 33 Art Center and in return, you receive a direct reduction on your tax liability to the State of Maryland. The credit is 50% of the value of the donation. For instance, if you donate $5,000 to School 33 Art Center, you would receive a $2,500 reduction in the taxes you owe to the State of Maryland. You can donate up to $35,000 to School 33 Art Center and receive a $17,500 tax credit.
The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.
And there’s more!
In addition to the tax credit, you also receive a charitable deduction on the portion of your gift that does not go to the tax credit. For example, if you donate $1,000, $500 is a direct tax credit and $500 is a charitable deduction. So you win twice! Also, if the credit is more than your tax liability, the unused credit may be carried forward for the next five years.
What does your contribution support?
For over 25 years, School 33 Art Center has served as a cornerstone of creative activity and learning that is unique in Baltimore. Our mission is to facilitate connections between contemporary artists and the viewing public and to insure a vibrant future for art, artists, and the Greater Baltimore community by:
• Developing audiences through exhibitions of works by regional artists;
• Encouraging established and emerging artists by providing affordable studio space and mentoring programs;
• Providing affordable, professional visual art classes and creating a range of enriching outreach activities for children and adults;
• Organizing city-wide special events that showcase artists, such as Open Studio Tour and Lotta Art.
For more information on the Community Investment Tax Program Contact:
Baltimore Office of Promotion & The Arts
10 E. Baltimore Street
Baltimore, MD 21202