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TAX INCENTIVES

Legislation clarifies that contributions to nonprofit foundations, located in Idaho, qualify for additional tax credits.

This tax credit equals 50% of the contribution and is limited to a maximum of 50% of an individual taxpayer's total Idaho income tax liability.  A tax credit should NOT be confused with a tax deduction.  A credit translates to a credit towards what you would owe on your state income taxes.  The maimum annual amount of the credit was increased from $100 ($200 on a joint return) to $500 ($1000 on a joint return).

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Idaho tax laws allow for a larger tax credit for donations to schools by any Idaho resident.  Married couples may receive up to a $1,000 Idaho state tax credit.  Corporations may receive up to a $5,000 Idaho state tax credit.

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Single Filing

Donation                           $1,000.00
Federal Tax Deduction     $280.00
State Tax Deduction         $78.00
State Tax Credit                $500.00
Total Cost of Donation      $142.00

Joint Filing

Donation                           $2,000.00
Federal Tax Deduction     $560.00
State Tax Deduction         $156.00
State Tax Credit                $1,000.00
Total Cost of Donation      $284.00

Corporate Filing

Donation                           $10,000.00
Federal Tax Deduction     $3,500.00
State Tax Deduction         $760.00
State Tax Credit                $5,000.00
Total Cost of Donation      $740.00

Examples are based on a single and married filing jointly tax bracket of 28% and a corporate tax rate of 35%.  Consult your personal accountant or tax preparer for questions regarding your specific tax situation.  Additional restrictions and credit limitations may apply.  

 

SHELLEY

EDUCATION

FOUNDATION

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