Idaho Tax Credit

Take Advantage of the Idaho Education Tax Credit

The Idaho Education Tax Credit is a great way for friends of the Boise Art Museum to support BAM while maximizing the tax advantages. Each and every contribution helps the Museum create visual arts experiences, engage people, and inspire learning through exceptional exhibitions, collections, and educational opportunities.

Idaho State Tax Credit for 2017
Donations to qualifying Idaho nonprofit museums, like the Boise Art Museum, are eligible for a 50% tax credit—a reduction in the actual tax you owe.

• Idaho individuals may receive a 50% tax credit on gifts up to $1,000
   (maximum tax credit of $500)
• Idaho married couples may receive a 50% tax credit on gifts up to $2,000
   (maximum tax credit of $1,000)
• Idaho corporations may receive a 50% tax credit on gifts up to $10,000
   (maximum tax credit of $5,000)

Here’s how it works:

1. You make a gift to the Boise Art Museum.

2. The state provides a tax credit worth 50% of the gift, up to a maximum tax credit of $1,000 for married couples filing jointly or $500 for single filers.

3. You may also be eligible for charitable income tax deductions on both your federal and state tax returns, making your out-of-pocket expense even lower.

4. Your generous gift ensures that people throughout our community continue to learn, create and connect at BAM.

EXAMPLE
Bob and Betty Smith are an Idaho married couple who itemize their taxes. Together, their gross income is about $75,000, which puts them in the 25% federal tax bracket and the 7.8% Idaho income tax bracket. They decide to donate $1,000 to the Boise Art Museum in 2017.

 Total gift to BAM  $1,000
 Idaho State Education Tax Credit  $500
 Federal tax deduction  $250
 Idaho tax deduction  $78
 Out-of-pocket expense for gift  $172

Please note that your tax benefit is dependent on your personal income level and filing status. Consult your financial advisor to develop the best contribution plan for your personal circumstances.