North Dakota Income Tax Credit
By making a planned gift or supporting an endowment at the University of North Dakota Foundation, North Dakota taxpayers may be eligible for an income tax credit. Few states offer charitable tax credits of any kind. This tax credit makes it possible for you to give more and make a greater impact on the students, faculty, and programs that benefit North Dakota communities.
North Dakota residents, businesses, and financial institutions may qualify for a 40% tax credit on the value of their gift to a University of North Dakota endowment (minimum gift of $5,000 – lump sum or aggregate in one year).
Businesses and Financial Institutions
- C corporations, S corporations, estates, limited liability companies, and trusts
- Businesses may carry forward any unused credit for up to 3 taxable years (financial institutions excluded).
- Any excess credit may carry forward 3 years
Planned Gifts by Individuals
Planned gifts may also qualify for the income tax credit of 40% of the charitable deduction created by the gift. Credit may be claimed the year of the gift; any excess credit may carry forward 3 years.
If a donor is in the 35 percent federal tax bracket, the benefit from the North Dakota Tax Credit on Charitable Gifts may look like this: