Tax Benefits

Potential Tax Savings for a Gift to Wolfe Field

Idaho Education Tax Credit for 2011

As an Idaho tax payer, your donations to The College of Idaho and the Wolfe Field Baseball Stadium project may be eligible for a 50% education tax credit! This credit is available regardless of whether or not you itemize deductions. For those who do itemize, the deductions may become even greater. Beginning in 2011, the maximum education tax credit allowed has been increased considerably for both personal and business gifts.

Note: A tax credit is a reduction to the actual tax you owe or an increase in your refund!

  • Idaho Married Couples may take up to 50% of a $2,000 gift (a tax credit of $1,000)
  • Idaho Individuals may take up to 50% of a $1,000 gift (a tax credit of $500)
  • Idaho Corporations may take up to 50% of a $10,000 gift (a tax credit of $5,000)

Example*

John and Sally Smith are an Idaho married couple who itemize their taxes. Together they have a taxable income of about $70,000 (25% tax bracket). They wish to donate $2,000 to Wolfe Field in 2011.

Their gift qualifies for: $500 Federal Deduction + $156 State Deduction + $1,000 Idaho Education Tax Credit.

With these deductions and the Idaho education tax credit, a $2,000 gift to The College of Idaho has an actual cost to them of only $344!

*Example based on deductions available for a married couple in the 25% tax bracket who itemize their taxes. Your tax benefit is dependent on variables such as your income level and filing status. We urge you to consult with your tax professional to develop the best plan for your personal situation.

Major Gifts

To maximize the impact of the Idaho education tax credit, consider a multi-year pledge. A gift of $10,000, given in increments of $2,000 per year over five years, would allow taxpayers like John and Sally to see an actual cost to them of only $1,720 during this five-year period.

If you have questions, please contact us at dhahn@collegeofidaho.edu or 208-459-5835.

Estimated Idaho Tax Rate: 7.8%