Maryland State Tax Credits Awarded to University of Maryland Chester River Health Foundation
The UM Chester River Health Foundation has been awarded a $32,000 allocation of Maryland state tax credits in support of its campaign to raise $150,000 to fund a second chemistry analyzer for the lab at UM Shore Medical Center at Chestertown.
"A chemistry analyzer is the backbone of all diagnostic laboratory work at every hospital and it's imperative to have mirror back up testing capabilities to insure quality, precision and the timeliness of test results," said Maryann Ruehrmund, Executive Director, UM Chester River Health Foundation. "Our hospital's Laboratory Services equipment runs 24/7/365 and tests approximately 200 specimens daily including up to 19 individual components each. That's a lot of service!"
The tax credits were awarded through the Maryland Department of Housing and Community Development's Community Investment Tax Credit (CITC) program and must be sold by December 31, 2022. They are available to individuals and businesses who donate to the project at the $1,000 level and above and are available on a first-come, first-served basis. The credits offset any Maryland state tax owed on a 50 percent basis, which means, for example, that a $1,000 donation earns $500 of actual state tax credits.
"The significant tax law changes that were enacted in 2017 affected the deductibility of charitable donations for many people because of the sizable increase in the standardized deduction," Ruehrmund said. "As a result, the attractiveness of this tax credit program has significantly increased because the tax credits are offered in addition to any deduction taken for making a charitable gift – or in addition to the standardized deduction."
"While I believe most people make donations to the Chester River Health Foundation because they support the mission of their hospital, the benefits of the CITC program are undeniable and have opened the door for individuals to make larger contributions," Ruehrmund said. "Anyone interested in this opportunity should contact me immediately – prior to sending a donation — as the credits will be reserved fast," Ruehrmund continued. "Most important, when sold, the proceeds will complete the funding for the second chemistry analyzer!"
For more information about this program or to reserve an allocation of the credits, call the UM Chester River Health Foundation at 410-810-5660.