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)|
|Approx. Federal Tax Savings*||($87.50)|
|Total Cost after Tax Savings*||$262.50|
*Assumes 25% tax bracket and that the taxpayer itemizes their deductions. This is provided as an example.
All taxpayers should consult with their tax advisor for specific information about their personal tax situation.