Giving through the Community Foundation of Greater Muscatine to the causes you care about is rewarding in more ways than one. Your gift creates lasting change in Muscatine County, and the Endow Iowa Tax Credit Program offers generous tax incentives to make it easier for you to give more for less. Donors who give to one of our permanently endowed funds are eligible to receive 25% tax credits for their gifts.
How it Works:
- Endow Iowa Tax Credits are only available to qualified gifts made through a qualified Iowa community foundation, like the Community Foundation of Greater Muscatine and our affiliate.
- A variety of gifts quality for Endow Iowa Tax credits, including cash, real estate, appreciated securities and outright gifts of retirement assets.
- Only gifts to qualified permanent endowment funds benefiting Iowa charitable causes are eligible to receive the tax credits.
- Tax credits of 25% of the gifted amount are limited to $300,000 in tax credits per individual for a gift of $1.2 million or $600,000 in tax credits per couple for a gift of $2.4 million if both are Iowa taxpayers. No minimum gift amount is required to qualify for Endow Iowa Tax Credits.
- Eligible gifts will qualify on a first-come, first-serve basis until the yearly appropriated limit is reached, currently $6 million. If the current available Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year’s Endow Iowa Tax Credits.
- All qualified donors have five years to use their Endow Iowa Tax Credits.
Endow Iowa Tax Credits are claimed fast, and for 2022, the tax credits are already taken. Applications submitted after the 2022 credits were fully claimed are placed on a waiting list in the order applications are received to request a 2023 tax credit.
We encourage donors to consult with tax advisors to review their individual circumstances and learn how they can take advantage of this unique opportunity. The program is administered by the Iowa Economic Development Authority and more information is available on their website.
How will I receive my tax credit?
The process for applying for a tax credit is simple. Once your donation to an Endowment is received by the Community Foundation, we will prepare an application form for you to complete and sign. The application will then be sent to the Iowa Economic Development Authority for approval. You will be notified by mail of the status of your tax application.
For more information about Endow Iowa and the availability of tax credits, contact the Community Foundation at 563-264-3863 or vjardim@givinggreater.org.