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New Tax Credits for Charitable Donations 22 February 2008 I am very excited about new legislation signed recently by Governor Hoeven, making North Dakota one of only five states to offer residents tax breaks for supporting nonprofit organizations. I am hoping the information from this report, combined with the new tax breaks, will encourage residents to contribute money in addition to volunteer time and expertise to North Dakota’s many small nonprofit organizations. The new legislation includes two components: One for individuals and one for business: Individuals must make a qualified deferred gift to a qualified North Dakota charity. The tax credit is 40% of the charitable deduction allowed by the IRS up to a maximum of $10,000 per year per taxpayer or $20,000/yr per couple filing jointly. The credit may be carried forward for 3 additional tax years if it cannot all be used in one year. Businesses (C corporations, S corporations, estates, limited liability companies and trusts) that pay ND income tax may take a 40% credit for gifts to the qualified endowment fund of a qualified North Dakota charity. This includes community endowment funds affiliated with the North Dakota Community Foundation. For more information, or a copy of the full Nonprofit Report, contact Hersrud at cher@ndcf.net. For more information about the new tax credits, and charitable donation options, contact the North Dakota Community Foundation at (701) 222-8349, or kdvorak@ndcf.net.
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