Thanks to the generosity of Iowans, all of the 2020 Endow Iowa Tax Credits have been allocated. Please find details below on the waitlist for 2021 Endow Iowa Tax credits.
When you make a gift to an endowed fund benefiting Iowa charitable causes through the Community Foundations of Southwest Iowa, it may cost you far less thanks to Iowa’s generous Endow Iowa 25% state tax credit. Various gift types qualify for the tax credit, including charitable IRA rollovers, gifts of grain, gifts of stock, and cash gifts. View the details of the program and its impact across the state in the 2020 Endow Iowa Fact Sheet.
The U.S. Treasury Department published the regulation, “Contributions in Exchange for State or Local Tax Credits,” on June 13, 2019, which impacts the federal deductibility of gifts made on or after August 28, 2018 claiming the 25% Endow Iowa Tax Credit. Click here for more information on this regulation, known as the SALT Cap.
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 Tax Credits have been allocated. Current applications roll over with the purpose of claiming the 2021 credit allocation. The Iowa Economic Development Authority has established a waitlist for 2021 tax credits, subject to approval of the State of Iowa’s 2021 Budget including the 2021 Endow Iowa allocation.
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 season.
All qualified donors have five years to use their Endow Iowa Tax Credits.
*Please note that this application must be printed, signed, and returned to the Community Foundation.
For more information on the Endow Iowa program and the availability of tax credits, call 800.794.3458.