The Endow Iowa program is celebrating its 10th anniversary with new tax credit limits recently signed into law by Governor Terry Branstad. During the past legislative session, the annual tax credit limit was raised from $4.5 million to $6 million per calendar year. In addition, wagering tax receipts are no longer used to fund the Endow Iowa Tax Credit. This provision took effect June 17, 2013, and applies retroactively to January 1, 2012 for both credits authorized and applications received on or after that date.
"The tremendous impact the Endow Iowa program makes on Iowa communities speaks for itself," said Governor Branstad. "I am pleased to be celebrating the program's tenth anniversary and to support the increase in available tax credits for this great initiative."
The Endow Iowa Tax Credit is a 25 percent state tax credit awarded on a first-come, first-served basis for gifts made to a permanent endowment fund, established for the benefit of Iowa charitable causes, at a qualified community foundation. Locally, the Tama County Community Foundation is qualified as an affiliate of the Community Foundation of Northeast Iowa. The program is utilized by a wide range of donors, with a majority of donations at the $1,000 level or less. Benefits include keeping dollars in Iowa and assisting communities statewide. 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 Iowa residents' lives both now and for years to come.
The program is administered by the Iowa Economic Development Authority (IEDA) in collaboration with the Iowa Council of Foundations (ICoF). The ICoF is a membership organization of grantmaking foundations across Iowa with a mission of promoting philanthropy and effective grantmaking in the state, which includes the Community Foundation of Northeast Iowa and its affiliates.
"Endow Iowa is a great way for our donors and fund holders to maximize their charitable gifts as they earn the additional 25 percent tax credit, along with their other state and federal deductions. Many donors find this tax credit as a wonderful incentive to give even more to their favorite agency fund or family fund held at the Community Foundation. We are pleased to have an increase in available dollars to extend this credit to even more of Northeast Iowa's generous donors," said Kaye Englin, President & CEO of the Community Foundation of Northeast Iowa.
For more information on the Endow Iowa program, visit www.iowaeconomicdevelopment.com/CommunityDevelopment/Philanthropic or www.iowacommunityfoundations.org/endow-iowa-tax-credits.aspx
The Tama County Community Foundation is a local, non-profit, charitable affiliate of the Community Foundation of Northeast Iowa. Due to the generosity and vision of all our donors, the Community Foundation was established to build stronger, healthier communities in Tama County today, and in the future. We support our donors and the communities we serve with visionary leadership, effective grantmaking and personalized endowment building services. For more information visit www.tamaccf.org or call the Tama County Community Foundation administrative office at 319-287-9106.