Through the North Dakota Charitable Income Tax Credit, you can claim a credit of 40% on a minimum donation of $5,000 to a qualified permanent endowment of a North Dakota charity. Establishing or adding to an endowment is an act of great generosity and vision. Donors who decide to create or add to an endowment do so because they understand the importance of supporting HERO not only during their lifetime, but for generations to come.
On December 18, 2015, the IRA Charitable Rollover was passed by Congress and signed into permanent law, allowing taxpayers age 70½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without first having to recognize the distribution as income. For ND taxpayers, the transferred funds can also be distributed directly to a permanent endowment held by a ND charity that may allow the transfer to be eligible for the ND Charitable Income Tax Credit. HERO has such an endowment and your IRA Charitable Rollover distribution to it may allow you to claim a credit of 40% on maximum annual transfers of $25,000 per individual or $50,000 per couple.
If you’d like to learn more about the 40% tax credit and how you can turn this year’s giving into a forever gift, please contact: