Multiply Your Giving With the Endow Iowa Tax Credit
The Endow Iowa Tax Credit Program offers generous tax incentives to make it easier for you to give more for less. The program provides state income tax credits to individuals, businesses, or financial institutions that donate money to a permanent endowment fund at a community foundation that meets national standards, like the Community Foundation of Greater Des Moines, which houses the Ankeny Community Foundation’s fund.
The Endow Iowa Tax Credit is for 25% of the amount of the donation, up to a maximum credit amount of $100,000 per Iowa taxpayer. This credit comes in addition to the normal federal tax deduction for charitable gifts. All qualified donors who apply for and receive the tax credit can carry forward that credit for up to five years after the year the donation was made.
Since 2003, more than $115 million has been invested in community foundations through Endow Iowa, improving residents’ lives both now and for years to come.
*Note: Guidelines are established by the State of Iowa for this program, and guidelines/timelines can change. Please continue to check the program webpage for updates.
Example: How the Endow Iowa Tax Credit Could Help You:
Amount of Your Gift: $10,000
Endow Iowa Tax Credit: $2,500 (25% of the charitable gift made to a permanently endowed fund at a community foundation.)
Net Federal Deduction: $10,000 (The entire amount of the gift is deductible on federal taxes.)
Donor's Federal Tax Rate: 39.6% (Individual marginal tax rates vary.)
Federal Tax Savings: $3,960 (Assumes that an individual taxpayer utilizes Schedule A [itemized deductions] on their federal return.)
Total Tax Savings: $6,460
Net cost of gift: $3,540 (Give appreciated securities and your net cost is even less.
