The Endow Iowa Tax Credit Program was established in 2003 to encourage individuals, businesses and organizations to make lasting investments in their communities when they establish permanent, endowed funds during their lifetime. Those who give are able to take advantage of a 25% Endow Iowa state income tax credit in conjunction with federal income tax benefits for charitable gifts.
Tax credits of 25% of the gifted amount are limited to $227,590 in tax credits per individual for a gift of $910,363 or $455,181 in tax credits per couple for a gift of $1,820,724 if both donors Iowa taxpayers.
Qualifying charitable gifts include:New funds established in the individual's own name. These funds may be donor-advised, designated for specific 501 c (3) organizations, or unrestricted.
A $10,000 minimum is required to establish a new fund.
Contributions of any amount to any eligible endowed fund held at an Iowa community foundation, such as the Greater Cedar Rapids Community Foundation.
