ENDOW KENTUCKY TAX CREDIT
Did you know that Kentucky is incentivizing philanthropy throughout the commonwealth through its Endow Kentucky Tax Credit Program?
The Endow KY Tax Credit allows donors to receive not just a charitable deduction, but also a credit against your Kentucky income taxes. The credit is 20% of your gift, up to $10,000. This means the maximum an individual can give is $50,000, which would allow for a $10,000 tax credit. Gifts must be directed to a permanent endowment fund at a qualified community foundation, like the Community Foundation of Louisville. Individuals must apply for the credit before making their gift, and applications are due on July 1, 2020.