For a tax break, act soon to qualify for Endow Iowa incentive

By Steve Dinnen

Change is coming to Endow Iowa. So now might be a good time to cut a check and try to qualify for this state-authorized tax break.

The Iowa Economic Development Authority can award up to $6 million annually in tax credits for charitable gifts arranged through community foundations across the state. The program is typically oversubscribed, which leaves credit applications above that limit on a waitlist for the next year’s allotment. But that waitlist will be eliminated on July 1, when the state’s new fiscal year begins.

Donors who submit an application for the tax credit before June 30 will continue to be placed on a waitlist. The Community Foundation of Greater Des Moines is encouraging folks to act by June 15 to get their paperwork processed.

Beginning Jan. 1, tax credits of 25% of the gifted amount are limited to $100,000 in tax credits per individual for a gift of $400,000. That limit increases to $200,000 in tax credits per couple for a gift of $800,000 if both are Iowa taxpayers.

In 2022, tax credit applications added up to almost $24 million in charitable giving leveraged by the credits. At least 79 community foundations and community affiliate organizations received Endow Iowa qualified donations from nearly 2,000 businesses and individuals.

You May Also Like

6 Ways to Keep Bad Weather From Ruining Your Trip

BY BLOOMBERG NEWS Snowstorms and hurricanes, thunderstorms and fog. Bad weather is by far ...

Defining, and Aspiring to Attain, the Threshold of Wealth

BY STEVE DINNEN Where does wealthy start? Try $2.3 million, according to those quizzed ...

Is Gold a Good Shelter From Current Market Turmoil?

BY STEVE DINNEN Gold seems to like bad news. On three consecutive days of ...