CERRO GORDO COUNTY – The Endow Iowa Tax Credit Program has increased its capacity to benefit those who give charitably in Iowa. With the signing of House File 620 by Governor Branstad in June, the available annual Endow Iowa tax credits increased from $4.5 million to $6 million. The maximum credits allowed per individual Iowa taxpayer also increased to $300,000.
These changes to the program follow a year when the tax credit applications exceeded the previous $4.5 million available. Approximately 1,000 donors who applied for the tax credit in 2012 were put on a waiting list to receive their credit in 2013. A retroactivity provision in the bill provides for the donors who received “waiting list” letters to receive 2012 tax credit certificates. They will have the option of amending their returns (if filed) or carrying the credit forward over the next five years (2013-2017).
The Endow Iowa Tax Credit Program was established in 2003 to encourage individuals, businesses and organizations to make lasting investments in their communities. A 25-percent state tax credit is available to Iowa taxpayers who give to a permanent endowment fund with a qualified Iowa community foundation, like the Cerro Gordo County Community Foundation, an affiliate of the Community Foundation of Northeast Iowa. Those who give will be able to take advantage of the Endow Iowa tax credits in conjunction with federal tax benefits for charitable gifts. Endow Iowa tax credits are offered on a first-come, first-served basis.
For more information about the Endow Iowa Tax Credit or the Cerro Gordo County Community Foundation, contact the administrative office at (319) 287-9106 or visit www.cerrogordoccf.org.