The Endow Kentucky Tax Credit window opens for KY donors; up to $ 10,000 in available credits
One million dollars will be available for Kentucky nonprofit supporters on July 1. Donors donating to an endowment fund are eligible for the incentive, and Horizon Community Funds offers a variety of funds that donors may consider contributing.
Endow Kentucky Tax Credit provides a unique opportunity to receive a state tax credit for the donor’s Kentucky income tax (individual, business, or limited liability) after contributing to a permanent endowment fund at Horizon Community Funds of Northern Kentucky. Endowment funds are for those who want to give now and long into the future, as they are held in perpetuity and produce an annual payment.
“The community is coming out of a long period of hardship,” said Nancy Grayson, president of the Horizon Community Fund. “By supporting our long-term nonprofits through an endowment donation, donors are helping these agencies weather times of financial crisis more quickly, allowing them to continue to focus on their mission of serving Northern Kentucky. . “
Credits typically run out just a few weeks after the July 1 start date, and many donors have already submitted advance requests for 2021. Taxpayers, individuals and corporate donors can all participate in the program.
Donors are eligible for an income tax credit of up to 20% (not to exceed $ 10,000 per person / entity or $ 20,000 per married couple filing jointly) per tax year. A new allocation of tax credits is available on July 1 of each year.
“I contacted Nancy in 2020 to take advantage of the Endow Kentucky Tax Credit, and it was a great experience,” said Ben Brandstetter, President of Brandstetter Carroll, Inc. “I started small to test the process and everything went so well that we also created our own foundation. This will allow us to be more intentional in our giving while increasing the pool of funds from which to support particular local efforts. Discussions with Nancy have also made me rethink how we approach the whole topic of giving and I appreciate her ability to guide the discussion to show how we can have an even greater impact. It’s great to know that there are others on this effort as well and I hope you will join me in applying for this credit to further develop our local nonprofits for the future.
Horizon Community Funds currently manages funds for the benefit of more than two dozen nonprofits and agencies to build their community awareness and connection with donors. New funds for other nonprofits can also be formed with an Endow Kentucky donation, or donations can be made to Horizon Community Funds’ Community Impact Fund, which supports nonprofits and organizations. charitable needs in Boone, Campbell and Kenton counties.
Fundraising partnerships provide a flexible way for donors to support their preferred nonprofit or charity. Partnerships allow donors to donate to support the mission of the nonprofit organization for generations to come or may choose to make an endowed donation that provides funding for needs that arise in Northern Kentucky.
Donors who wish to take advantage of the Endow Kentucky Tax Credit can apply by contacting Nancy Grayson at [email protected] or 859.468.4665.
Horizon Community Funds