Idaho Education Tax Credit
As an Idaho tax payer, your donations to the University of Idaho and the College of Law may be eligible for a 50 percent education tax credit! This credit is available regardless of whether or not you itemize deductions. For those who do itemize, a donation to the U of I allows income tax deductions on both your state and federal returns. A tax credit is a reduction to the actual tax you owe or an increase in your refund.
Tax Credit is the smallest of:
- One-half of the amount donated
- 50% of your Idaho tax (10% for Corporations)
- $500 ($1,000 if Married filing jointly, $5000 for Corporations)
- Your Idaho tax minus the amount of credit for income tax paid to other states
| Gift Amount | Tax Credit | |
|---|---|---|
| Idaho Individuals | up to $1,000 | up to $500 |
| Idaho Married Couples | up to $2,000 | up to $1,000 |
| Idaho Corporations | up to $10,000 | up to $5,000 |
We encourage you to contact your tax advisor for further consultation. If you have questions, please contact the College of Law Advancement office at 208-364-4044.
REFERENCE
Idaho Statue 63-3029A. Income Tax Credit for Charitable Contributions