The Endow Kentucky Tax Credit Program offers you a unique opportunity to receive a state tax credit toward your Kentucky Income Tax (individual, corporate, or limited liability) after making a contribution to permanent endowment funds at Horizon Community Funds. Endowment funds are for those who want to give today and long into the future, as they are held in perpetuity and produce an annual payout.

A total of $1,000,000 in tax credits is available to taxpayers, individuals, and corporations through the Endow Kentucky Tax Credit Program. You are eligible to receive up to a 20% income tax credit (not to exceed $10,000 per individual/entity or $20,000 per married couple filing jointly) for your endowed gift per taxable year. A new allotment of tax credits is available on July 1 each year.

Your gift to Family Nurturing Center’s endowed fund lasts well into the future. It is a building block for us to serve Northern Kentucky individuals and families.

How you can benefit from the tax credit

To determine the personal impact of receiving your tax credit, you should consult your financial advisor or accountant. Any tax credit that cannot be used in the current tax year may be carried forward for five years. This is a tax credit, which lowers your tax bill dollar for dollar regardless of your tax bracket. Federal and state deductions also apply for these gifts in addition to this tax credit.

How to apply for the tax credit

Please use the following steps to ensure you receive your Endow Kentucky Tax Credit:

  1. File an application for preliminary authorization of the tax credit with the Kentucky Department of Revenue.

  2. After completing the approved preliminary authorization form, please email a copy to Nancy Grayson at¬†[email protected]. Please keep a copy for your records. Horizon Community Funds will submit your application as a courtesy when the application window opens on July 1. Timeliness is critical as these tax credits have been completely allocated during the first week of July historically.

  3. Within 30 days of receiving the approval letter from the Kentucky Department of Revenue, you must make the contribution to an endowed fund at Horizon Community Funds of Northern Kentucky.

  4. Within 10 days of making the gift, Horizon Community Funds will send proof of the gift to the Kentucky Department of Revenue by filing the Notice of Endow Kentucky Tax Credit and Certification form. The Department of Revenue will then review the provided proof and issue a letter of final approval to you as the donor.

Questions?

If you have any questions or need help with the application process, contact Nancy Grayson at [email protected] or by phone (859) 757-1552.