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. Since our Community Foundation is qualified by the Iowa Department of Economic Development, donors who give to one of our permanently endowed funds are eligible to receive 25% tax credits for their gifts. Community members who give are also able to take advantage of the tax credits in conjunction with federal tax deductions. The Endow Iowa Tax Credit is awarded on a first-come, first-served basis for gifts made to a permanent endowment fund, established for the benefit of Iowa charitable causes. The tax credits can be claimed by individuals, businesses, or financial institutions. Since 2003, more than $115 million has been invested in community foundations through Endow Iowa, improving residents’ lives both now and for years to come.
Credits are given on a first-come, first-served basis. This means not only is it important to make your gift, but to fill out and return your Endow Iowa application as quickly as possible. As of December 24, 2019, all 2020 Endow Iowa credits have been allocated. All applications submitted now until December 31, 2020 will be marked as “suspended” for the 2021 wait list. In May 2020, the Iowa Economic Development Authority will send 2020 tax credit certificates to those donors who were awarded credits for 2020, with the hope this will help avoid confusion during 2019 tax filing time.
All qualified donors can carry forward the tax credit for up to five years after the year the donation was made.
Donors to endowments may download the 2020 application for gifts made. 2020 Endow Iowa Tax Credit Application.
The program is administered by the Iowa Economic Development Authority and more information is available on their website.
What does Endow Iowa Tax Credit mean for you?
Click here to calculate a sample illustration of your own.
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.