Idaho has a unique tax credit opportunity specifically for contributions to schools. Gifts to Sacred Heart Catholic School qualify for a 50% tax credit (a reduction in the actual tax you owe). If you itemize your taxes, a donation to Sacred Heart allows income tax deductions on your state and federal returns, plus a 50% Idaho income tax credit for up to $500 for individuals and $1000 for couples filing jointly.
Idaho Married Couples filing jointly may take up to 50 percent of a $2,000 gift (a tax credit of $1,000)
Idaho Individuals may take up to 50 percent of a $1,000 gift (a tax credit of $500)
Idaho Corporations may take up to 50 percent of a $10,000 gift (a tax credit of $5,000)
To maximize the impact of the Idaho education tax credit, consider a multi-year pledge. A gift of $10,000, given in increments of $2,000 per year over five years, would be an actual cost of only $1,720 during this entire five-year period.