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North Dakota Tax Credit

CHARITABLE GIFT = 40% TAX CREDIT

Do you ever wish your money could do more…go further? You are in luck! With a gift to JRMC Foundation’s ND Tax Credit Endowment Fund, you can significantly lower the net cost of your contribution. This is possible because of Senate Bill 2160.

It benefits you or your business through a 40% North Dakota state income tax credit. It funds medical equipment, facility improvements and quality care at JRMC to help people today.

Your gift does triple duty. Qualifying gifts over $5,000 benefit you through a 40 percent North Dakota state income tax credit. It funds services to help people today. Plus, it will provide a guaranteed source of income we can rely on to meet future needs.

Gifts under $5,000 do not qualify for this credit, but are still tax-deductible.

 

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Overview

  • The credit is available to both individuals and businesses
  • The minimum qualifying gift is $5,000 (lump sum or aggregated over the tax year)
  • Both outright and planned gifts can qualify
  • The maximum credit for a single tax year is $10,000 for an individual, $20,000 for a married couple and $10,000 for business entities.
  • There are provisions for the credit to carryover if you can’t use it all in one year.

Three Ways To Get the Credit

Individuals:

  • Make an outright gift to a qualifying JRMC Foundation endowment fund. Your gifts can be in the form of cash, securities or real estate.
  • Make a planned gift, such as a charitable gift annuity; certain forms of charitable trusts and paid-up life insurance may qualify.

Businesses:

  • Make an outright gift to a qualifying JRMC Foundation endowment fund.

Outright Endowment Gift Tax Credit Examples

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Important Points to Remember

  • This is a North Dakota tax credit, not a deduction.
  • The contribution can still be deducted from your federal income taxes.

 

If you could use this credit, please contact your tax adviser or JRMC Foundation today!

 

RESOURCES

JRMC Foundation ND Tax Credit Endowment Gift Form

State Tax Credit Form

North Dakota Tax Credit Letter – Handout