State Tax Alert

July 12, 2021

State and local taxes change frequently throughout the year. To help, MHCS has created State Tax Alerts to identify those state and local changes that may impact you and your business. Since your time is valuable, the alerts will provide a basic overview of the change so you can determine if any action is needed.

State: Iowa
Tax: Income Tax
At Risk: Individual taxpayers gifting charitable contributions eligible for the Iowa Endow State Tax Credit
Take Action Date: Immediately
Execution Plan: All of the 2021 Endow Iowa State Tax Credits have been awarded. Any Endow Iowa gifts made between now and the remainder of the year will be first in line for the 2022 Endow Iowa Tax Credit. If you are planning on making an Endow Iowa contribution, discuss with your tax advisor how this may impact your tax liability.