Idaho Code section 63-3029A –
INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS
(to nonprofit private institutions of elementary or secondary education)
Contributions are reduced by the value of anything you received in return such as food, entertainment, or merchandise.
You can claim the credit on your Idaho income tax return for the year when you made the
contributions.
For all other businesses, individuals, and entities (such as estates and trusts), the law limits the yearly credit to the smallest of:
- $500 per taxpayer ($1,000 total for married individuals filing jointly)
- 50% of total income tax (for example, the amount on Form 40, line 21, for Idaho resident individuals)
- 50% of the amount donated
Taxpayers with a state income tax liability of $2,000+
will be able to claim the full $1,000 credit with a
$2,000 donation to TCCS, thereby shifting $1,000
from going to the state to going to TCCS.
Taxpayers with a state income tax liability of $1,000
will be able to claim a $500 credit with a $1,000 donation to TCCS.
So for an extra 50%, which goes to directly supporting an endeavor like TCCS,
you can reduce your income tax payment to the state by 50%.
You are getting direct control over a significant portion
of your tax dollars!
