Giving a Few Bushels: Providing a Faith-Based Education
How Does It Work?
--A donor gives bushels of grain to MLTF by completing a “Transfer of Ownership” form available through the Diocese of Sioux City
--MLTF assumes ownership of the grain and sells it for market value.
--The donor receives an Iowa tax credit equal to 75% of the value of the grain on the date of donation. This tax credit can be applied to Iowa tax liability within the next 5 years.
--The donor does not recognize the income from the sale of the grain while also receiving Iowa tax credit from this program. (Donors are encouraged to contact their tax accountant for further clarification.)
Need More Information? Contact the Diocese of Sioux City: (712) 255-7933 or [email protected]
Information contained here is not professional or legal advice. Consult a tax advisor about your individual tax situation.