Endow Kentucky Tax Credit for FYE June 30, 2024 Available July 1st

$1 million in available tax credits will be released and become available on a first come first served basis. Historically, these credits will go fast so you should submit your application as soon as possible but no later than July 7th.

The Endow Kentucky Tax Credit allows Kentucky income taxpayers (individuals and businesses) to receive a state tax credit of up to 20 percent of a charitable gift, not to exceed $10,000 per taxpayer, to a permanent endowment fund held at a qualified community foundation, county specific component fund or affiliate community foundation. It's a great, tax-efficient way to provide sustained support to your favorite Kentucky non-profit organizations.

Application Process:

Starting July 1st the one-page ENDOW Application must be filed with the Kentucky Department of Revenue to obtain preliminary tax credit approval. This must be filed via fax, email, or hand delivery.

The Department will review all preliminary applications received and provide notice of the preliminary approval.

Within 30 days of receiving your approval letter, make your contribution to a qualifying endowment foundation fund.

Within 10 days of making your gift, the foundation will send proof of your endowment gift to the Department of Revenue.

Upon confirmation of the gift, the Department of Revenue will then issue a final tax credit confirmation letter to the donor to be used with their respective KY tax return.

Endow Kentucky Tax Credit giving details:

The maximum tax credit (up to $10,000 per taxpayer; $20,000 per married couple filing jointly) may be taken against individual income tax, corporation income tax or limited liability income tax. So a gift of $15,000 would generate a $3,000 tax credit for that individual’s tax return.

Any unused credit is available to be carried forward for up to 5 years. This credit is available to all who pay Kentucky state taxes, they need not be a Kentucky resident.

If you would like more information or want assistance in applying for the credit, please contact your Rudler, PSC advisor at 859-331-1717.

Endow Kentucky Tax Credit - Department of Revenue

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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