How do I calculate the Iowa Charitable Conservation Tax Credit?
A Charitable Conservation Contribution Tax Credit is available for individual income and corporation income taxpayers equal to 50% of the fair market value of a qualified real property interest located in Iowa that is conveyed as an unconditional charitable donation in perpetuity by the taxpayer to a qualified organization exclusively for conservation purposes.
The maximum amount of the credit is $100,000. The amount of the contribution for which the tax credit is claimed is not deductible as an itemized deduction for Iowa income tax purposes.
The terms "conservation purpose," "qualified organization," and "qualified real property interest" mean the same as set forth in section 170(h) of the Internal Revenue Code. Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following 20 years or until depleted, whichever is earlier.
Taxpayers filing credit claims for the Charitable Conservation Contribution Tax Credit are required to include a copy of federal Form 8283 with the Iowa return. If you e-file, Iowa will automatically receive a copy of your federal return. If you mail, you will need to mail a copy of federal Form 8283 with your Iowa return.
If a qualified appraisal of the property or other relevant information is required to be included with the federal Form 8283 for federal tax purposes, the appraisal and other relevant information must also be included with the Iowa return.
The maximum amount of the credit is $100,000. The amount of the contribution for which the tax credit is claimed is not deductible as an itemized deduction for Iowa income tax purposes.
The terms "conservation purpose," "qualified organization," and "qualified real property interest" mean the same as set forth in section 170(h) of the Internal Revenue Code. Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following 20 years or until depleted, whichever is earlier.
Taxpayers filing credit claims for the Charitable Conservation Contribution Tax Credit are required to include a copy of federal Form 8283 with the Iowa return. If you e-file, Iowa will automatically receive a copy of your federal return. If you mail, you will need to mail a copy of federal Form 8283 with your Iowa return.
If a qualified appraisal of the property or other relevant information is required to be included with the federal Form 8283 for federal tax purposes, the appraisal and other relevant information must also be included with the Iowa return.
