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.

REFERENCE
Idaho Statue 63-3029A. Income Tax Credit for Charitable Contributions