Thanks to the generosity of Iowans, all $6 million of the 2020 Endow Iowa State Tax Credits have been awarded. Donors can still make meaningful gifts to the causes they care about and benefit the future of our state through the Community Foundation of Jackson County, an affiliate of the Community Foundation of Greater Dubuque.
Gifts of $50 or more to any endowed fund at the Community Foundation of Jackson County benefiting an Iowa charity are eligible for this 25% state tax credit. These gifts are invested and pay out annually to the designated nonprofits, providing a reliable source of income to sustain organizations’ operations forever. The foundation holds endowments for 260 nonprofits throughout Dubuque and across a seven-county region, and can accept most any asset, including gifts of cash, stock, insurance, land, grain and charitable IRA rollovers.
Donors who make Endow Iowa eligible gifts between now and the end of 2020 may qualify for a federal charitable deduction in 2020 and will be first in line for 2021 Endow Iowa Tax Credits, contingent upon the approval of the 2021 Iowa state budget.
Endow Iowa tax credits are given on a first-come, first-served basis until all credits are claimed. Qualified donors can carry forward the tax credit for up to five years after the year the donation was made.
The tax credits have run out every year since 2013. This means not only is it important to make your gift, but also to fill out and return your Endow Iowa application as quickly as possible.
In May, the Iowa Economic Development Authority will send 2020 tax credit certificates to donors who were awarded credits for 2020 to help avoid confusion during 2019 tax filing time.
Last year, Community Foundation of Greater Dubuque endowments distributed more than $3 million to support nonprofits across the region.
These funds support the work of local nonprofits, helping build their capacity so they can continue to enrich life in our communities. Each fund is unique to a donor’s dreams for the future of our region.
The Community Foundation of Jackson County was established in 1982 as the Maquoketa Area Foundation to help individuals throughout Jackson County make a positive impact on the communities they care about. In 2012, it joined the Community Foundation of Greater Dubuque as an affiliate foundation. To learn more, visit dbqfoundation.org/cfjc.