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What the Idaho Educational Tax Credit means to you!
The Idaho Educational Tax Credit creates powerful leverage that multiplies the impact of your gift to The Community Library. For gifts up to $1,000 ($2,000 for couples if filing jointly), the credit plus state and Federal deductions can lower your net cost to substantially less than half the nominal amount of your gift.
Here are links to some documents that will help you and your tax advisor understand how the credit may benefit you when you support the Library.
Donate! provides a short summary of how the credit works, as well as some examples of the savings to you. Start with this one! Then if you want to dig a bit deeper, see:
After-tax cost of gifts to Library This shows in greater detail how the credit works for gifts of various amounts over a range of taxable income levels. It includes an example showing exactly how the credit works to reduce the cost of your gift.
The following three documents contain the language used by the Idaho Legislature and the Idaho Tax Commission to create the credit and explain to taxpayers how to claim it. Your tax advisor will want to refer to these.
Idaho Education Credit Instructions is an excerpt from the complete Idaho Income Tax Instructions, published by the Idaho Tax Commission, as they pertain to claiming the Education Tax Credit. This is taken from the 2011 instructions, as instructions for 2012 have not yet been published. Substantively there should be no difference, as the law has not changed.
Complete Idaho Income Tax Instructions is the document from which the above excerpt is taken. When the 2012 version becomes available, we will post it on this site.
Idaho Statutes Sec 63-3029A is the section of the Idaho Code that creates this powerful tax credit. The intention, as stated in the law, is that the credit will remain available to Idaho taxpayers through 2015.
We are making these resources available to assist you in planning your gift to assure the future of your Community Library. But please remember:
The Library does not offer tax advice, so be sure to consult your personal tax advisor to determine what benefits apply in your specific circumstances.
The Community Library is a 501(c)(3) tax-exempt organization. Our Federal Tax Identification number is 82-0290944. Monetary gifts to the Library are tax deductible.