North Dakota Taxpayers may receive a tax credit for gifts to
The GOD’S CHILD Project Foundation
Supporters of The GOD’S CHILD Project may benefit from legislation passed in 2011, which allows a tax credit for gifts made to qualified North Dakota endowments such as The GOD’S CHILD Project Foundation.
About The GOD’S CHILD Project Foundation
Established in 1999 to support the international humanitarian programs of The GOD’S CHILD Project. The Board of Directors, chaired by Robert “Bob” Scheel, Fargo, is comprised of North Dakota professionals who are passionate about The GOD’S CHILD Project. The Foundation’s website is at http://www.godschildfoundation.net/aboutthegcpfoundation.html.
The Foundation carefully invests its endowment funds, and it annually donates to support the international operations of The GOD’S CHILD Project. Additional information about The GOD’S CHILD Project is at http://www.godschild.org.
How it Works
Supporters of The GOD’S CHILD Project may be able to triple their contribution by taking advantage of the new tax credit legislation. The benefit to you and The GOD’S CHILD Project may look like this:
|
28% Federal Tax Bracket |
33% Federal Tax Bracket |
|||||
| Gift Amount | $5000 | $25,000 | $50,000 | $5,000 | $25,000 | $50,000 |
| Federal Tax Deduction | -$1,400 | -$7,000 | -$14,000 | -1,650 | -8,250 | -16,500 |
| ND Income Tax Credit | -$2,000 | -$10,000 | -$20,000 | -2,000 | -10,000 | -20,000 |
| Net Contribution | $1,600 | $8,000 | $16,000 | $1,350 | $6,750 | $13,500 |
The process for receiving a tax credit is surprisingly simple:
• If you donate $5,000 or more to The GOD’S CHILD Project Foundation endowment program, you will receive a certificate from the Foundation. The certificate is evidence that you have earned the tax credit by contribution to the Foundation’s endowment program.
• If a North Dakota taxpayer, you would claim your 40% tax credit on your state tax return at the end of the tax year. If the credits exceed your tax liability for the tax year, any unused portion may be carried forward three years.
• If you itemize your deductions on the federal tax return, your contribution would be an eligible charitable contribution.
Learn More
North Dakota Century Code § 58-38-01.21 governs the program and provides additional details. Subsection 2(b) states:
An individual is allowed a tax credit…for making a charitable gift to a qualified endowment. The credit is equal to forty percent of the charitable gift. If an individual makes a single charitable gift to a qualified endowment, the charitable gift must be five thousand dollars or more to qualify for the credit. If an individual makes more than one charitable gift to the same qualified endowment, the aggregate amount of the charitable gifts made to that qualified endowment must be five thousand dollars or more to qualify for the credit. The maximum credit that may be claimed under this subsection for charitable gifts made in a taxable year is ten thousand dollars for an individual or twenty thousand dollars for married individuals filing a joint return. The tax credit allowed under this section may not exceed the taxpayer’s income tax liability.
Corporations, estates, trusts, partnerships, subchapter S corporations, and limited liability companies are also entitled to a credit under this law.
As each individual’s tax situation is different, you should consult your own attorney, accountant, or financial advisor concerning your tax credit or deduction.
For additional information
You may access the statue at http://www.legis.nd.gov/cencode/t57c38.pdf or contact The GOD’S CHILD Project at 701-255-7956.
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North Dakota Tax Credit for GCP Foundation Gifts
