HB16-1089 - Endowment Or Institutional Fund Gift Tax Credit

Postponed Indefinitely
Concerning An Income Tax Credit For Charitable Contributions To An Eligible Endowment Or Institutional Fund.

Beginning with the 2016 income tax year, the bill allows an individual taxpayer to claim an income tax credit for a contribution of money, securities, or property to an eligible endowment or institutional fund that is equal to 25% of the contribution. An "eligible endowment or institutional fund" means an endowment fund or an institutional fund that belongs to a Colorado charitable organization and that is managed in accordance with the "Uniform Prudent Management of Institutional Funds Act".

A Colorado charitable organization that receives the credit is required to provide a credit certificate to the taxpayer, who must submit the certificate to the department of revenue, along with his or her tax return. The maximum credit an individual may claim for an income tax year is $25,000. Unused credits are not refunded but may be carried forward for up to 5 income tax years. A taxpayer may not claim the credit if he or she claims any other state income tax credit for the same charitable contribution.

Latest update: May 5, 2016
05/05/2016 House Committee on Appropriations Postpone Indefinitely
02/25/2016 House Committee on Finance Refer Amended to Appropriations
01/19/2016 Introduced In House - Assigned to Finance