Idaho Education Tax Credit
It doesn’t have to cost a lot to make a big difference at Bishop Kelly
The Idaho Education Tax Credit lets you support Bishop Kelly with dollars you would otherwise owe in state taxes. Idaho offers you a TAX CREDIT of half your gift to Bishop Kelly up to $500 for individuals and up to $1000 for married couples filing jointly. This benefit is effective til January 1, 2020.
In addition, the normal charitable deduction permits you to deduct the amount of your contribution on your Federal Income Tax Return as well as on your State Income Tax Return. (If you itemize your deductions.) Depending on your tax bracket and liability, your contribution to Bishop Kelly could cost you very little.
The chart below shows examples of how the Idaho Education Tax Credit works. Figures are estimates assuming 39% federal and state tax bracket. The tax credit can go up to, but not exceed, 50% of your total Idaho state tax obligation. As always, we recommend discussing your specific tax situation with your tax advisor.