The Endow Iowa Tax Credit Program will be seeing some changes in 2023. Please see below for more details and let us know if you have any questions about these changes. We are proud to be able to continue to connect donors with this tax benefit.
- Beginning January 1, 2023, the maximum credit per taxpayer is $100,000 per individual or $200,000 per couple if both are Iowa taxpayers. This is a reduction from the $300,000 previously available.
- Beginning July 1, 2023, applications must be submitted within 12 months of the date of the gift.
- The waitlist process, previously administered by IEDA, will be discontinued once the remaining credits have been exhausted. Applications which do not receive credits in the 2023 year will not rollover to the 2024 waitlist; donors will need to reapply for credits once the application re-opens in 2024. However, the 2023 Endow Iowa Tax Credit allocation has been increased to $13 million to shore up the previous waitlisted credits. This process is still in transition, and Community Foundations are unsure when this will be complete – we will keep our donors apprised as we know more details on the timeline for this process.
- The Iowa Economic Development Authority (IEDA) has provided guidance that community foundations will not be able to accept or submit Endow Iowa applications on behalf of donors from July 1, 2023 until IEDA re-opens the application. The new application form is on schedule to roll-out to Community Foundations on Tuesday, January 2, 2024 and applications for 2024 credits will begin to be accepted on January 17, 2024.
If you have any questions about these updates, please reach out to Shelly Maharry at Shelly@cfjc.org or (319) 337-0483.