How to Apply

To determine the impact of a tax credit, a donor should consult his/her financial advisor/consultant.

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Donors, including individuals and corporations, who contribute to a permanent endowment fund at an accredited community foundation may be eligible for a 20% tax credit up to $10,000 per donor per taxable year.  The credit may be taken against individual income tax, corporate income tax, and the limited liability entity tax, in addition to the federal charitable tax deduction value of the gift.  This tax credit may be carried forward for up to five years. The tax credit benefit is in addition to the federal charitable tax deduction value of the gift.

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To apply, a Kentucky taxpayer must file an application for preliminary authorization of the tax credit with the Kentucky Department of Revenue.  Instructions and an application for preliminary approval are available on the Kentucky Department of Revenue website. 

For questions, assistance or more information about the Endow Kentucky Tax Credit, call your regional community foundation or the Kentucky Department of Revenue at (502) 564-8139.

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INSTRUCTIONS

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• The donor completes sections A-G. 

• In section F, the donor enters the amount of his or her intended gift (maximum gift through this program is $50,000). 

• In section G, the amount entered is equal to 20% of the amount of the endowment gift. 

• Enter the endowment fund name in Section J, and the donor signs and prints his or her name below Section J.

Starting July 1, applications for the Kentucky Department of Revenue are open for submission.