57-18 Exhibit - Urging State of New Jersey to Implement Charitable Trust in Lieu of Local Taxes Plan.pdf

State Title  of  Credit Description Amount  of  Credit Statute Maryland Qualified  permanent   Applicable  to  all  taxable  years   25%  of  the  proposed  donation   Md.  Code  Ann.  Tax-­‐Gen.   endowment  fund   beginning  after  December  31,   value;  the  amount  must  be  stated  in   §10-­‐736 donations 2014,  a  taxpayer  can  claim  a   the  credit  certificate  issued  by  the   credit  against  the  state  income   Maryland  Department  of  Housing   tax  equal  to  the  amount  of  25%   and  Community  Development. of  a  proposed  donation  to  a   qualified  permanent   endowment  fund  at  an  eligible   community  foundation. Maryland Preservation  and   An  individual  or,  applicable  to  all   For  any  taxable  year,  the  credit  may   Md.  Code  Ann.  Tax-­‐Gen.   Conservation  Easements taxable  years  beginning  after   not  exceed  the  lesser  of  the  state   §10-­‐723 December  31,  2015,  a  pass-­‐ income  tax  for  that  taxable  year  or   through  entity,  may  claim  a   $5,000. credit  against  the  state  income   tax  for  an  easement  conveyed   to  the  Maryland  Environmental  

tax  for  an  easement  conveyed   to  the  Maryland  Environmental   Trust  or  the  Maryland   Agricultural  Land  Preservation   Foundation  or  the  Department   of  Natural  Resources  for  the   purpose  of  preserving  open   space,  natural  resources,   agriculture,  forest  land,   watersheds,  significant   ecosystems,  viewsheds,  or   historic  properties. Massachusetts Tax  credit  for  qualified   Qualified  donations  of  certified   Refundable  income  tax  credit  equal   Mass.  Gen.  L.  Chapter  62   donation  of  land  to  public   land  to  a  public  or  private   to  50%  of  the  fair  market  value  of   §6(p) or  private  conservation   conservation  agency. the  qualified  donation,  not   agency exceeding  $75,000. Massachusetts Credit  against  taxes   A  taxpayer  making  a  qualified   The  credit  shall  be  equal  to  50%  of   Mass.  Gen.  L.  Chapter  63   imposed  for  qualified   donation  of  certified  land  to  a   the  fair  market  value  of  the  qualified   §38AA donation  of  certified  land   public  or  private  conservation   donation.  The  amount  of  the  credit   to  public  or  private   agency  shall  be  allowed

 land   public  or  private  conservation   donation.  The  amount  of  the  credit   to  public  or  private   agency  shall  be  allowed  a   that  may  be  claimed  by  a  taxpayer   conservation  agency refundable  credit  against  the   for  each  qualified  donation  shall  not   taxes  imposed  by  this  chapter. exceed  $75,000. Massachusetts Low-­‐income  housing  tax   Effective  for  tax  years  beginning   The  total  tax  credit  available  to  a   Mass.  Gen.  L.  Chapter  62   credit on  or  after  January  1,  2017,  the   taxpayer  for  a  qualified  donation  is   §6  l(a);  l(b)(4);  l(c)(1);   low-­‐income  housing  credit  is   equal  to  50%  of  the  donation's  value   l(c)(3) allowed  against  the  personal   as  determined  by  the  Department,   income  tax  for  real  or  personal   which  may  be  increased  to  not  more   property  donated  to  a  tax   than  65%  if  deemed  necessary  for   exempt  nonprofit  organization   the  project's  viability. that  has  control  over  the   purchase,  construction,  or   rehabilitation  of  a  qualified   Massachusetts  low-­‐income   housing  project  and  that  is  a   certified  Massachusetts  

housing  project  and  that  is  a   certified  Massachusetts   Community  Development   Corporation  or  Organization,  or   that  is  determined  to  have  a   history  of  successful   development  of  affordable   housing  projects  in   Massachusetts.