Idaho Education Tax CreditGive Now »
Idaho Education Tax Credit
Giving $1,000 to NNU could only cost you $500.
- Idaho individuals receive up to a $500 credit on their Idaho income taxes for making a gift of $1,000 or more (limited to 50% of Idaho income tax due).
- Idaho married couples receive up to a $1,000 credit on their Idaho income taxes for making a gift of $2,000 or more (limited to 50% of Idaho income tax due).
- Idaho corporations receive up to a $5,000 credit on their Idaho income taxes for making a gift of $10,000 or more (limited to 10% of Idaho income tax due).
Certain limitations may apply. Please consult your tax advisor for advice regarding your specific tax situation or call 208-467-8423 for general questions.
Gift to NNU $2,000
Federal tax deduction $500
State tax deduction $156
Idaho tax credit $1,000
Total Cost of Gift $344
Idaho Business Inc. (IBI) has $660,000 of taxable income in 2011, which puts them in the 34% federal income tax rate and the 7.6% Idaho state income tax rate. Wanting to support the current University Fund campaign, IBI makes a $10,000 gift before
Gift to NNU $10,000
Federal tax deduction $3,400
State tax deduction $760
Idaho tax credit $5,000
Total Cost to IBI $840