The Greater Cincinnati Foundation works with Kentucky taxpayers on the Endow Kentucky program.
What is the Endow Kentucky Tax Credit?
The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of a charitable gift to a permanent endowment fund at a local community foundation (up to $10,000 per taxpayer).
Unlike a tax deduction, a credit is taken off the tax bill dollar for dollar. So, if a donor has a Kentucky tax bill of $1,000, a donation of $5,000 through Endow Kentucky would eliminate that tax altogether (20% of $5,000 is $1,000). Federal and State charitable tax deductions are still available.
Need to ask fast
This opportunity is available beginning July 1, 2015 through June 30, 2016 and during this time $500,000 of tax credits are available. Note that tax credits may be depleted before June 30, 2016. Last year, tax credits were depleted in the first week.
What gifts qualify for the Endow Kentucky tax credit?
Gifts can be cash or appreciated stock, and must be made to a qualified community foundation, such as The Greater Cincinnati Foundation (GCF). Donors may also create a new endowment fund.
Endowed funds are permanent funds which provide annual support to the named organization.
Limited time opportunity
Applications for fiscal year 2016, (which begins July 1, 2015) will be accepted through June 30, 2016, or until the credits run out, whichever comes first. A total tax credit of $1 million will be available in fiscal year 2017.
Find out more about Endow Kentucky [PDF]