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Central Ky. Community Foundation offering Endow Kentucky tax credit

NC GAZETTE / WBRT RADIO
Community News

Monday, April 16, 2018 — The Central Kentucky Community Foundation (CKCF) is reminding businesses and individuals that philanthropic donations to the organization are gifts eligible for the Endow Kentucky tax credit program.

The CKCF serves a nine-county region that includes Breckinridge, Grayson, Hardin, Hart, LaRue, Marion, Meade, Nelson and Washington counties.

The Endow Kentucky Tax Credit enables any business or individual to receive a state tax credit of up to 20% of a $50,0000 charitable gift to a permanent endowment fund that benefits Kentucky nonprofit organizations and charitable initiatives.

This tax credit is up to $10,000 per taxpayer per year. Unlike tax deductions, tax credits are taken off a donor’s tax bill dollar for dollar. This credit is in addition to the federal charitable tax deduction. The Endow Kentucky Tax Credit can be carried forward for up to five years.

There are only $1 million in tax credits available statewide beginning July 1, 2018, and credits are available on a first-come, first-serve basis.

Applications to apply for the Endow Kentucky Tax Credit are due to CKCF by June 29, 2018.

“We have many generous philanthropists across our region working to enhance our communities and address local needs. With the help of the Endow Kentucky Tax Credit, these philanthropists can see more dollars go to local efforts than to the government,” said Davette B. Swiney, president and chief executive officer of the CKCF. “However, donors interested in taking advantage of the Endow Kentucky tax credit should not delay in applying. Tax credits have historically been depleted on the first day.”

Gifts can be cash or appreciated stock and must be made to a qualified community foundation, such as CKCF. Donors can give to an existing endowment fund or may start a new fund to support an organization, cause or community initiative. Endowed funds are permanent funds which provide forever support for the charitable purpose.

If you are interested in learning more about the Endow Kentucky Tax Credit, CKCF will host two informational lunch & learns. The first is 11:30 a.m. – 1 p.m. Thursday, April 26, 2018, at the Nelson County Public Library, 2001 Cathedral Manor. The second will be held at Back Home Catering Room 632 Event Center, 444 S. Mulberry St., on May 1 from 11:30 a.m. – 1:00 p.m.

Those interested in attending either of these informational lunches should RSVP to CKCF at 270-737-8393 or contact@ckcf4people.org.

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