Endow Kentucky Tax Credit available July 1st

The credits are issued on a first come first served basis and many times run out the first week of July.

It is important to get your application in by 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.

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 2020-2021 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'S TAX MANAGEMENT & PLANNING TEAM

This week's Rudler Review is presented by Kendra Anderson, Staff Accountant and S. Gregor Lamping, CPA.

If you would like to discuss your particular tax situation, contact Kendra or Greg at 859-331-1717.

 

Rudler PSC has established a Tax Management and Planning Team, a group of professionals who specialize in tax services. These highly qualified and experienced tax specialists meet on a regular basis to discuss upcoming client engagements, current issues relating to our clients and regulatory changes. Be sure to receive future Rudler Reviews for advice from our tax experts,  sign up today !

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