As an Iowa taxpayer, you can contribute to the STO and receive an Iowa tax credit equal to 65% of your contribution. The amount you contribute qualifies as a charitable donation on your federal tax return as well.
Additionally, C and S corporations, LLC’s, estates and trusts that file an Iowa tax return can also take advantage of this tax credit program.
|Iowa Income Tax Savings (Credit)||($650)|
|Federal Tax Savings*||($250)|
|Total Cost after Tax Savings*||$100|
*Assumes 25% tax bracket. This is provided as an example.
All taxpayers should consult with their tax advisor for specific information.