Hoover
Tax Credit

The Hoover Tax Credit Program was created in 2021 to leverage $20 million in gifts to support the renovation and expansion of Iowa’s only presidential library and museum, the Herbert Hoover Presidential Library and Museum in West Branch. Like the Endow Iowa Tax Credit Program, it is administered by the Iowa Economic Development Authority (IEDA) in collaboration with the Hoover Presidential Foundation. Download a helpful, printable PDF.

0%
State Income Tax Credit

Qualified Hoover Tax Credits must be made to the Hoover Presidential Foundation for the benefit of the Timeless Values | Modern Experience Campaign to renovate the Herbert Hoover Presidential Library and Museum. All qualified donors have five years to use their Hoover Tax Credits.

When you make a gift to the Timeless Values | Modern Experience campaign for the Herbert Hoover Presidential Library and Museum you join Iowans around the state to:

  • Join the Vision and philanthropy of other Iowans seeking to share an Iowa treasure with the world…
  • Invest in Iowa’s future and keep tourism dollars in Iowa
  • Elevate the visitor experience to bring history to life
  • Empower others to lead an uncommonlife committed to positive change through service to humanity

The Hoover Tax Credits:

  • Can be applied to: individual and corporate income taxes, franchise tax, insurance premiums tax, or moneys and credit tax

  • Are awarded on a first-come, first-served basis

  • Can be claimed by: individuals, businesses or financial institutions

  • Offer a maximum annual credit of: $250,000 per taxpayer for a gift of $1 million OR $500,000 in tax credits per couple for a gift of $2 million

  • Are not transferable or refundable

  • Have no minimum gift amount

Qualified Gifts
Include

 
Consult your tax advisor regarding
the federal deductibility of Hoover Tax Credit
qualified contributions.

  • Gifts of Cash
  • Appreciated Securities or Mutual Funds
  • Real Estate
  • Gifts of Grain
  • Outright Gifts of Retirement Assets

Taxpayers who receive Hoover Tax Credits and itemize on their federal tax returns will be required to reduce their federal charitable deductions by the value of any state tax credit received. There is an opportunity to deduct the full value of the gift if you have not reached the $10,000 state and local taxes (SALT) Cap. We recommend consulting with your tax professionals. For example, a taxpayer that makes a $1,000 charitable donation to the Hoover Museum Renovation Project would receive a $250 (25%) state tax credit. When filing federal taxes, the taxpayer cannot deduct the entire $1,000 charitable donation like in the past, but only the difference between the donation and the state tax credit, or $750 in this example.

Want to make an even bigger impact?

Use appreciated securities and achieve additional tax savings. Call us today for details at 319-643-5327.
Download a ‘Gift of Stock’ form

Donating appreciated stocks can provide substantial tax savings for you, while maximizing the impact of your gift.

The information to the right assumes an original cost basis of $25,000 for a single person living in the State of Iowa with an income of $250,000. It also assumes all realized gains are subject to the federal long-term capital gains tax rate of 15%, a Net Investment Income Tax of 3.8%, and a marginal Iowa state income tax rate of 8.53 %, and a federal income tax rate of 37%. It does not take into account other surtaxes or local taxes that may be applicable. The information here is provided for educational purposes only and is not intended to provide, and should not be construed as providing, legal or tax advice.