40% tax credit for North Dakota donors
North Dakota legislation increases the opportunities for the state’s taxpayers to get a generous 40 percent state income tax credit for charitable contributions to organizations like The Salvation Army.
The maximum credit for a single tax year is $10,000 for an individual, $20,000 for a married couple and $10,000 for business entities.
With this credit alone, you can make a gift of $5,000 to The Salvation Army endowment fund for a net cost of just $3,000. When you consider federal tax deductions, net cost can be even less, depending on your tax bracket. Since this is a North Dakota tax credit, not a deduction, the contribution can still be deducted from your Federal income taxes.
Other important points about the legislation:
- The credit is available to both individuals and businesses
- The minimum qualifying gift is $5,000 (lump sum or aggregated over the tax year)
- Both outright and planned gifts qualify
- There are provisions for carryover
Get the full details. If you could use this generous tax credit, contact your tax adviser or The Salvation Army’s planned giving office:
Minnesota and North Dakota Planned Giving Director David Overstake, 651-746-3504
North Dakota Planned Giving Representative Anthony Hebert, 701-219-9675