Endow Iowa Tax Credits!
We are excited to share with you that the “Endow Iowa” program created by the Iowa legislature and sponsored by the Iowa Council of Foundations and the Community Foundations of Iowa will be continued through 2008.
Endow Iowa allows taxpayers to take a 20% Iowa tax CREDIT in addition to the normal state and federal charitable income tax deductions for certain charitable gifts. The legislature has authorized a total of $2,000,000 in Iowa tax credits annually through 2008.
The charitable gifts must be made:
This is an exciting program that benefits both donors and charities. Here is a brief approximation of the net after tax costs of establishing a fund:
| Cash Gift | $100, 000 |
| Less tax benefits: | |
|
-40,000 |
|
-20,000 |
| Net cost of contribution | $40,000 |
(All donors should consult with their tax advisors to review their individual circumstances.)
Gift of appreciated assets: The net cost could be even lower if capital gain taxes and/or alternative minimum taxes are avoided.
Tax credits of 20% of the gifted amount are limited to $100,000 per person or $200,000 per couple if both are Iowa taxpayers.
Eligible gifts made between 1/1/06 and 12/31/06 may qualify for credits on a first-come/first-serve basis until the $2,000,000 limit is reached. You should act sooner rather than later!
This is a great way to support your philanthropic interests in Plymouth County now and in the future. Please feel free to give us a call to answer any questions you may have on this new philanthropic opportunity created by the Iowa legislature.
| Don Nore | Norine Harvey |
| President | Director of Development @ RSM |
| 712-546-9554 | harveyn@remsenstmarys.org |
| 712-786-1433 |
Document compliments of the Greater Des Moines Community Foundation · 1915 Grand Avenue · Des Moines, Iowa 50309 · www.desmoinesfoundation.org