How do I calculate the Iowa Hoover Presidential Library Tax Credit?
A 25% tax credit is allowed for donations made to the Hoover Presidential Foundation for the Hoover Presidential Library and Museum Renovation Project Fund. The maximum amount granted to a person cannot exceed 5% of the aggregate amount of tax credits granted. 10% of the aggregate amount of tax credits authorized shall be reserved for those donations in amounts of $30,000 or less.
The Iowa Economic Development Authority is responsible for registering, authorizing, and controlling the distribution of these tax credits. When the tax credit is awarded, the taxpayer receives a tax credit certificate number. The amount of the contribution cannot be taken as an itemized deduction for charitable contributions for Iowa income tax purposes.
Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following five years or until depleted, whichever is earlier.
A tax credit awarded to a partnership, limited liability company, S corporation, estate, or trust electing to have the income taxed to the individual, shall be claimed by the individual based on the pro rata share of the income of the entity.
The Iowa Economic Development Authority is responsible for registering, authorizing, and controlling the distribution of these tax credits. When the tax credit is awarded, the taxpayer receives a tax credit certificate number. The amount of the contribution cannot be taken as an itemized deduction for charitable contributions for Iowa income tax purposes.
Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following five years or until depleted, whichever is earlier.
A tax credit awarded to a partnership, limited liability company, S corporation, estate, or trust electing to have the income taxed to the individual, shall be claimed by the individual based on the pro rata share of the income of the entity.
