The credits are issued on a first come first served basis and many times run out in the first week of July. So, if you are interested in applying for the credit, it is important to get your application in July 1st.
Kentucky offers a state tax credit of up to 20% of an endowment gift to a qualified community foundation, county-specific component fund, or affiliate community foundation. Through the Endow Kentucky Tax Credit a Kentucky taxpayer (individual or business) could receive up to a $10,000 per taxpayer ($20,000 per married couple filing jointly) tax credit in addition to any federal or state deduction for the charitable contribution. This credit is available to all who pay Kentucky state taxes, they need not be a Kentucky resident.
Endow Kentucky Tax Credit giving details:
- Gifts may be cash or appreciated stock
- Gifts must be made to a Qualified Community Foundation or donors may create a new endowment fund
- The maximum credit amount is $10,000 for a gift of $50,000
- To qualify you must file an application and receive approval before making your gift
- The credit is nonrefundable but can be carried forward up to 5 years
Applications for the 2022-2023 fiscal year can be made starting July 1st:
The credits are issued on a first come first served basis and many times run out in the first week of July. So, if you are interested in applying for the credit it is important to get your application in July 1.
If you need more information or want assistance in applying for the credit, please contact your Rudler, PSC advisor at 859-331-1717.
RUDLER, PSC CPAs and Business Advisors
This e-Tip is presented by Evan Kandra, CPA.
If you would like to discuss your particular situation, contact Evan at 859-331-1717.
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