What is the Endow Kentucky Tax Credit?
The Endow Kentucky Tax Credit enables Kentucky income taxpayers (individuals and businesses) to receive a state tax credit of up to 20 percent of a charitable gift to an endowment held at a qualified community foundation for the benefit of Kentucky nonprofits. It’s a tax-smart way to provide sustained support to your favorite Kentucky organizations, including schools and religious institutions.
Endowments at GCF provide a permanent stream of annual funding to nonprofits, making them a perfect vehicle for legacy gifts. Endowed donor advised funds may also be tax-credit eligible.*
$1 million in tax credits are available statewide beginning July 1, 2024, and will deplete quickly. A one-page application to the Department of Revenue is required and should be submitted between July 1 and July 7. Your experienced staff at Greater Cincinnati Foundation is available to assist.
Laura S. Menge, CAP®
Sr. Philanthropic Advisor
Since 2011, GCF has helped many of our Northern Kentucky donors secure the Endow Kentucky tax credit. Their gifts, totaling over $8 million, have benefited 32 GCF endowments designated to permanently support specific Kentucky nonprofits, including:
- BAWAC, Inc.
- Brighton Center
- Center for Great Neighborhoods
- Children’s Home of NKY
- Covington Partners
- Diocesan Catholic Children’s Home (DCCH)
- Emergency Shelter of Northern Kentucky
- Gateway Community and Technical College
- Learning Grove
- Life Learning Center
- Parish Kitchen
- The Point Arc
- St. Elizabeth Healthcare
- St. Elizabeth Hospice
- United Way, Northern Kentucky
Or donors can support the Northern Kentucky Fund of the Greater Cincinnati Foundation, which broadly supports GCF investments in NKY.
Endow Kentucky Details
- Contact Laura Menge to obtain a pre-printed application. Before making a gift, an application must be filed with the KY Department of Revenue for preliminary tax credit approval. Laura will file the application for you.
- Within 30 days of receiving preliminary approval, the donor makes their gift to their selected GCF endowment.
- Within 10 days of receipt, GCF will confirm the gift with the Department of Revenue, which will then issue a final confirmation letter to the donor.
The 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.
The tax credit is taken off the state tax bill dollar-for dollar, and federal and state tax deductions still apply.