As of January 1, 2010, the state tax credit for gifts to endowed funds held at qualified community foundations in Iowa increased to 25%. Coupled with federal deductibility, the net cost of gifting to a beloved non-profit fund is about 40 cents on the dollar for some donors.
The Endow Iowa legislation, sponsored by the Iowa Council of Foundations, encourages citizens to utilize philanthropy as a catalyst to build local endowments at community foundations and improve the quality of life in the community.
For more information on Endow Iowa and the availability of tax credits, contact Nancy Van Milligen, President/CEO at 563-588-2700 or send and email to nancyvanm@dbqfoundation.org or visit the Endow Iowa portion of the Iowa Department of Economic Development website.
Click here to download the 2010 Endow Iowa Tax Credit Application.