Foster Group has a vision to “… encourage the pursuit of meaningful living and generous giving.” What does that mean to you? It’s a question worth pondering, and one with a wide variety of right answers.
If your answer has anything to do with leaving a legacy in your community, I have an opportunity for you! The Endow Iowa Tax Credit Program was created by the Iowa legislature in 2003 as an opportunity to provide a permanent benefit to Iowa charities. It allows Iowa taxpayers to make a gift of cash, real estate, or appreciated securities to an Iowa charity, and receive a pat on the back from the state of Iowa in the form of a 25% state tax credit.
Your gift goes to an endowment fund for the charity of your choice, or into an endowed donor-advised fund in your name. You will reap the benefits of the state tax credit and federal tax deduction this year. The Iowa charity of your choice will receive the benefit of up to 5% of the fund value per year, indefinitely.
Naturally, the Endow Iowa Tax Credit has been popular with donors, and the available tax credits seem to run out earlier each year. As of mid-March, roughly $2.5 million of the $6 million total credits available for 2017 remain. To put that into perspective, the mid-March 2017 balance was essentially on par with 2016’s mid-June balance. Considering that all credits were exhausted by October last year, the 2017 credits likely will not make it beyond June or July.
For more information on the Endow Iowa Tax Credit, visit the Community Foundation of Greater Des Moines, check out the Iowa Council of Foundations’ tax calculator, or talk to a financial advisor at Foster Group. We would love to join you in your pursuit of meaningful living and generous giving.
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