You may qualify for the Endow Iowa Tax Credit and a federal tax deduction with a gift donation of any size to a qualified Iowa community foundation naming the Clear Lake Community School Foundation (CLCSF) as the recipient of the annual fund distribution.
For example, based upon a 35% marginal federal tax rate:
$10,000 Gift – Donation
- $2,500 Endow Iowa Tax Credit
- $3,500 Federal Tax Deduction
- $6,000 Total Tax Savings
- $4,000 Total Cost of Gift-Donation
The CLCSF helps you direct your gift donation to a “Qualified Iowa Community Foundation,” who invests the fund. They provide advice, record keeping, and tax reporting for an annual administrative fee.
The Iowa Legislature created the “Endow Iowa Tax Credit Program” in 2004. This program provides an incentive to establish and grow Iowa charitable endowment funds. As an Iowa resident, on January 1st of each year, you have the opportunity to apply (on a first come, first served basis) for a 25 percent State of Iowa tax credit. Iowa taxpayers (individuals, businesses and financial institutions) can claim the Endow Iowa Tax Credits.
Non-Residents of Iowa
With a gift donation to the Clear Lake Community School Foundation (CLCSF) you qualify for a federal tax deduction. For “state income tax deductibility or credits,” please refer to the tax authority in your resident state.
For further gift donation information, please contact the Clear Lake Community School Foundation.