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Donations to Idaho State University Foundation are eligible for a 50% Idaho state tax credit a reduction in the actual tax you owe. Additionally, if you itemize deductions, a donation to ISU may enable you to get income reductions on both your state and federal returns, plus a 50% Idaho income tax credit.
For 2016, the allowed credit for both personal and business gifts remains:
Your tax benefit is dependent on your personal income level and filing status. Please contact your tax consultant for additional information.
Idaho residents, Benny and Betty Bengal, are a married couple who itemize their taxes. Their combined gross income is about $75,000 (which puts them in the 25% federal tax bracket). They decide to donate $2,000 to the Dean's Excellence Fund at Idaho State University in 2016.
Their contribution, based on itemized deductions, qualifies for:
Taking the deductions and credit together, the Bengals' $2,000 gift to ISU has a true out-of-pocket "cost" of only $352.