The Endow Kentucky Tax Credit allows Kentucky income taxpayers to apply for a credit (up to 20% of an endowment gift to a qualified community foundation) against income taxes imposed by state individual or corporate income tax. The credit, not to exceed $10,000 per individual or $20,000 per married couple filing jointly, can be applied for via the Department of Revenue issued application.
Prior to making a contribution, the applicant must submit the ENDOW Application (found here) between July 1st and July 7th for preliminary approval through the Kentucky Department of Revenue. The ENDOW Application must be submitted via fax, email, or hand delivery. Acceptance via US mail is NOT guaranteed.
After receiving the notice of preliminary approval from the Department of Revenue, proof of the endowment contribution must be provided within 10 days. If accepted, the donor will receive a credit confirmation letter from the Department of Revenue. The total available credit amount of $1,000,000 is offered on a ‘first come, first served’ basis and will deplete quickly, so act now!
For any questions related to the Endow Kentucky Tax Credit, please contact Jami Vallandingham (jvallandingham@vlcpa.com) or Lisa Riccardi (lriccardi@vlcpa.com) or 859.331.3300.
