Take advantage of the

Idaho Education tax credit by donating to

Holy Spirit Catholic School.

As of January 2017 and continuing in 2018, the state of Idaho has initiated a piece of legislation that will maximize your gifts to HSCS.

Idaho state legislation, enacted through Idaho Statute 63-3029A allows qualifying Idaho educational institutions like HSCS a 50% tax credit to their donors.

  • Idaho married couples may take up to 50% of a $2,000 gift ( a tax credit of $1,000)
  • Idaho Individuals may take up to 50% of a $1,000 gift ( a tax credit of $500)
  • Prior credits were $200 and $100 respectively
  • Idaho corporations may take up to 50% of a $10,000 gift ( a tax credit of $5,000)

Here is an example of how a married couple can maximize their gift with this legislation:
An Idaho married couple who itemize their taxes and together have a taxable income of about $70,000 (25% tax bracket)  want to donate $2,000 to HSCS  in 2012. 

Their gift qualifies for: $500 Federal Deduction + $156 State Deduction + $1,000 Idaho Education Tax Credit.

With these deductions and the Idaho education tax credit, a $2,000 gift to HSCS has an actual cost to them of only $344! 

Example based on deductions available for a married couple in the 25% tax bracket who itemize their taxes. Your tax benefit is dependent on variables such as your income level and filing status.

  • We urge you to consult with your tax professional to develop the best plan for your personal situation.

Married (Filing Jointly)

 

Gift to HSCS

Single (Taxpayer)

Notes

$2,000.00

$2,000.00

$500.00

Federal Deduction

$500.00

Estimated 25% Federal Tax Bracket

$156.00

State Deduction

$156.00

Estimated 7.8% Idaho tax rate

$1,000.00

Idaho Tax Credit

$500.00

A tax credit is a reduction to the actual tax you owe or an increase in your refund!

$344.00

True Cost to You

$844.00

As you can see, the NET COST to you on a $2,000 donation to HSCS is only an estimated $344!

    

                Here is another example of  tax deductions and credits you may qualify for if your income is $40,000.

Donation to Holy Spirit Catholic School

Federal Deduction

State Deduction

Idaho Credit

Net Cost Per Year

These figures reflect the 2011 rates for a joint return of $40,000 taxable income and are based on the taxpayer who itemizes his or her personal deductions.

$60.00

$9.00

$4.00

$30.00

$17.00

$125.00

$19.00

$9.00

$63.00

$34.00

$250.00

$38.00

$19.00

$125.00

$68.00

$500.00

$75.00

$37.00

$250.00

$138.00

$1,000.00

$150.00

$74.00

$500.00

$276.00

$2,000.00

$300.00

$18.00

$1,000.00

$552.00

 

Your tax credit and deduction is an investment in the future of our Catholic Church and will help our growing number of Holy Spirit Catholic Community parish students in need of scholarship.