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A PreK-9th Grade school in downtown Boise, Idaho. 

Idaho Education Tax Credit

Take Advantage of the Idaho Education Tax Credit!

As an Idaho tax payer, your donations to Foothills School of Arts and Sciences may be eligible for a 50 percent education tax credit. This credit is available regardless of whether or not you itemize deductions. For those who do itemize, the deductions may become even greater.

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

  • 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)

  • Idaho Corporations may take up to 50% of a $10,000 gift (a tax credit of $5,000)

Your tax benefit is dependent on your personal income level and filing status. Please contact your tax consultant for additional information.

Example: Fred and Frieda Foothills are an Idaho married couple who itemize their taxes. Together they have a taxable income of about $75,000 (25% tax bracket). They wish to donate $2,000 to the Annual Campaign this year.

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

With these deductions and the Idaho education tax credit, a $2,000 gift to Foothills School of Arts and Sciences has an actual cost to them of only $344.

These deduction numbers use a 25% income tax bracket and itemized deductions for federal taxes, and a 7.8% tax bracket for Idaho. We urge you to consult with your tax professional to develop the best plan for your personal situation.
 

Major Gifts

To maximize the impact of the Idaho education tax credit, consider a multi-year pledge. A gift of $10,000, given in increments of $2,000 per year over five years, would allow taxpayers like Fred and Frieda to see an actual cost to them of only $1,720 during this five-year period.

Your tax benefit is dependent on your personal income level and filing status. Please contact your tax consultant for additional information.