ENDOW KY TAX CREDIT 2017
The Endow KY Tax Credit pool will become available on July 1, 2017, and is available through the Blue Grass Community Foundation. This program offers you the opportunity to receive state tax credit toward your Kentucky Income Tax after making a contribution to permanent endowment funds at qualified community foundations.
A total of $1,000,000 in Kentucky State Income Tax Credits is available to taxpayers, individuals and corporations through the Tax Credit Program. You are eligible to receive up to a 20% income tax credit (not to exceed $10,000) per taxable year. In other words, for every $100 you contribute under this program you will receive a $20 state income tax credit as well as the federal and state charitable donation income deduction. The new allotment of tax credits is available starting July 1, 2017.
Any tax credit that cannot be used in the current tax year may be carried forward for five years. The Endow KY Tax Credit is a tax credit, not a deduction, and will lower your tax bill dollar for dollar regardless of your tax bracket.
This tax credit program has become very popular and the entire tax credit pool is usually allocated in the first week of availability. For that reason, we are reminding you well in advance, so that you are able to plan accordingly. Donors can receive a tax credit by contributing to a charitable fund they themselves create (donor advised, designated, field of interest, scholarship, etc.) or by contributing to an already established endowment at the Blue Grass Community Foundation.
If you have questions please get in touch with Russell Capital advisor Ford Lankford at [email protected], (859) 254-5225, or Bran Dineen with Blue Grass Community Foundation at [email protected], (859) 225-3343.