ND Tax Credit

A few years ago, the ND legislatures passed a bill that allowed a very generous tax credit to those who make a charitable gift to a ND qualified endowment. If you are a North Dakota resident and make a gift to a ND qualified endowment of $5000 or more, you are eligible for a 40% tax credit on your ND taxes. Tax credits are much different than a tax deduction because they reduce your tax liability dollar for dollar. The maximum tax credit is $10,000 for individuals or $20,000 for married filing jointly. However, credits can be carried over for up to three years. Each catholic parish in the Diocese of Fargo has an established endowment.