Branstad signs bill to increase Endow Iowa Tax Credits

May 18, 2011

Governor Terry Branstad signed bill SF302 into law on May 12, which raises the base amount of the Endow Iowa Tax Credit program. This bill, supported unanimously by both the Iowa House and Iowa Senate, provides an $800,000 increase to the base of Endow Iowa Tax Credits, ultimately providing approximately $4.5 million in tax credits annually. This addition to the base amount of credits available is a tremendous incentive for taxpayers to leverage more than $18 million per year in permanent endowment funds established at community foundations, like the Community Foundation of Greater Des Moines, that will support charitable projects and nonprofit organizations statewide for years to come.

Endow Iowa allows taxpayers to receive a 25% Iowa tax credit in addition to normal federal charitable income tax deductions. These tax credits are available to donors who establish or contribute to a permanent charitable fund at a qualified community foundation.

This program has generated over $75 million in charitable giving since its inception. In 2010 alone, donors to the Community Foundation of Greater Des Moines earned more than $1.5 million in Endow Iowa Tax Credits, leveraging $6.2 million in endowed gifts for schools, museums, hospitals, churches, libraries and other charitable organizations. Credits can be used for any type of current charitable gift including cash, real estate, life insurance, stock and IRA rollovers.

Executive Director of the Iowa Council of Foundations, Angela Dethlefs-Trettin said, "In Iowa we have one of the most coveted philanthropic programs in the nation. This additional support of the Endow Iowa Tax Credit program will continue the vibrant and important work of endowment building all across the state."

 

Pictured: Angela Dethlefs-Trettin (Iowa Council of Foundations), Jerry Mathiasen (Iowa West Foundation), Scott Cirksena (Dallas County Foundation), Ali Parrish (Community Foundation of Northeast Iowa), Rand Fisher (Iowa Area Development Group Community Foundation), Ashley Canney Shafer (Community Foundation of Greater Des Moines), Kaye Lozier (Community Foundation of Greater Des Moines), Mark Hamilton (Hardin County Community Endowment Foundation), Representative Peter Cownie, Robert Riley, Jr. (Community Foundation of Greater Des Moines), Diane Bear (South Central Iowa Community Foundation), Shelia Kinman (Community Foundation of Greater Des Moines), Duane Asbe (Wright County Charitable Foundation), attend the signing of bill SF302 with Governor Terry Branstad.