Idaho Education Tax Credit
As an Idaho tax payer, your donations to 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 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
Example giving benefits:
- Idaho Individuals may take up to 50% of a $1,000 gift (a tax credit of $500)
- Idaho Married Couples may take up to 50% of a $2,000 gift (a tax credit of $1,000)
- Idaho Corporations may take up to 50% of a $10,000 gift (a tax credit of $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 208-885-8793.