The Greater Carlisle Community Foundation is excited to announce that through our Endow Iowa Fund at the Community Foundation of Greater Des Moines, Greater Carlisle Community Foundation donors who make qualifying gifts may apply for Endow Iowa tax credits. Endow Iowa allows taxpayers to take a 20% Iowa tax CREDIT in addition to the normal state and federal charitable income tax deductions for their charitable gifts. 

 

This is an exciting program that benefits both you and the Greater Carlisle Community Foundation. The legislature has authorized a total of $3 million in Iowa tax credits in 2008.

 

Charitable gifts must be made:

 

Below is a brief approximation of the net after tax costs of contributing to a fund:

 

·         Federal/state tax savings                                 - $330              -$3,300

(assuming maximum tax bracket)

·         Endow Iowa Tax Credit                                 - $200              -$2,000

(before federal tax effect)                              

 

 

Gifts of appreciated assets: The net cost could be even lower if capital gains 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 qualify for credits on a first-come/first-serve basis until the appropriated limit is reached. If the current year Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year Endow Iowa Tax Credits. At this time, there are approximately $510,000 in credits still available, and to ensure you receive Endow Iowa credits for your donation, we encourage you to act quickly.

 

Please Note: All qualified donors have 5 years to use their Endow Iowa Tax Credits.

 

This is an impactful way to support the Greater Carlisle Community Foundation now and into the future. Please contact us with any questions you may have about this philanthropic opportunity created by the Iowa legislature.