North Dakota Tax Credit
The state of North Dakota supports the long-term sustainability of Plains Art Museum by offering a 40% tax credit for qualifying gifts from both individuals and businesses. For a gift to Plains Art Museum to qualify for the North Dakota tax credit, a donor must give specific to the Museum's endowment, which ensures the museum will continue to serve our community for many generations to come.
- Individuals who pay income tax in ND may qualify for the ND tax credit by donating a total of $5,000/year or more to the Plains Art Museum endowment. The tax credit is equal to 40% of the contribution up to a maximum of $10,000 tax credit per taxpayer per year, and it may be carried forward for 3 additional tax years if it cannot all be used in one year.
- Businesses (C and S corporations, trusts, estates, and LLCs) that pay income tax in North Dakota also qualify for the 40% credit up to a maximum credit of $10,000/year for gifts to the Plains Art Museum endowment. Entities other than individuals are not subject to the $5,000 minimum contribution.
| Gift Amount | North Dakota State Income Tax Credit | (A) Estimated Federal Tax Savings | Estimated After Tax Cost of Gift |
|---|---|---|---|
| $5,000.00 | $2,000.00 | $960.00 | $2,040.00 |
| $10,000.00 | $4,000.00 | $1,920.00 | $4,080.00 |
| $15,000.00 | $6,000.00 | $2,880.00 | $6,120.00 |
| $20,000.00 | $8,000.00 | $3,840.00 | $8,160.00 |
| $25,000.00 | $10,000.00 | $4,800.00 | $10,200.00 |
| (A) Assumes 32% Federal tax bracket | |||
For more information, see SB. 2160 or the ND Planned Gift Tax Credit page, contact the Museum, or consult with your advisor. Plains Art Museum will send the relevant paperwork in response to gifts that may qualify.
Ready to give? Simply select "Endowment" as the designated fund and mention the ND Tax Credit in a comment when filling out your information. https://plainsart.org/donate/.