If you made a donation to a qualified permanent
endowment fund held at an eligible institution of
higher education (Bowie State University, Coppin
State University, Morgan State University or University of
Maryland Eastern Shore), you may be eligible for a credit of 25% of
the amount of donation.
The tax credit application can be found at www.marylandtaxes.gov and must be emailed to HBCUtaxinfo@comp.state.md.us
and will be approved on a first-come, first served basis by the
Comptroller of Maryland. The application must be submitted in
the calendar year the donation was made. You are required
to submit documentation from the institution showing proof of
donation within 30 days before a final tax credit certificate is
issued.
You may claim the tax credit against the State income
tax in the amount stated on the tax credit certificate issued
by the Comptroller. If the credit exceeds the State income tax
for the taxable year, the excess credit is non-refundable, but
it may be carried forward and applied to succeeding taxable
years until fully utilized. You are required to add back
the amount of the credit claimed to Maryland adjusted gross
income or Maryland modified income to the extent excluded
from federal adjusted gross income. This credit applies only to
Maryland residents.
Individuals taxpayers that are eligible and are NOT PTE
members, may elect to claim the credit using Form 502CR
instead of Form 500CR. However, you may NOT claim the
credit on both Form 500CR and Form 502CR. PTE members and
corporations must claim this credit on Form 500CR. Fiduciaries
will claim this credit on Form 504CR.
