North Dakota Tax Credit


North Dakota is one of only a few states which provide any type of income tax credit for charitable gifts. A 40% North Dakota income tax credit can be taken on contributions to qualified ND based charitable endowment funds.* Contributions can be made by individuals, businesses, trusts or estates. The contribution must be a mimimum of $5,000. The maximum ND tax credit for single tax filers is $10,000, equal to 40% of a $25,000 contribution or $20,000 for a married couple, equal to 40% of a $50,000 contribution. The unused portion of the state income tax credit can be carried forward for three years. 

37% Marginal Tax Rate of Individual Return**
Gift Amount: $25,000 $50,000
Est. Federal Tax Savings: ($5,550) ($11,100)
ND Income Tax Credit: ($10,000) ($20,000)

Net Cost of Contribution:

$9,450

$18,900

You have worked hard, saved carefully and planned well. We encourage you to give a lasting charitable gift by creating a fund through the Minot Area Community Foundation.

The Foundation will create a permanent endowment fund in your name, grow it through investment and ensure your charitable intent is honored. Your generosity will have a lasting effect, be multiplied many times over and have a meaningful impact.


*Qualified endowment is defined as an "irrevocable fund held by a North Dakota incorporated or established organization that is a qualified nonprofit organization; or a bank or trust company holding the fund on behalf of a qualified nonprofit organization." The Uniform Management of Institutional Funds Act (NDCC 15-67) gives further guidance on the definition of endowment, stating that an endowment fund means a fund not wholly expendable by the nonprofit on a current basis under the terms of the applicable gift instrument or fund agreement.
**Please consult your tax professional to verify your estimated federal tax savings as these numbers are estimates for illustration purposes.

 
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