2005 Idaho Code - 63-3029A — INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 30
                                  INCOME TAX
    63-3029A.  INCOME TAX CREDIT FOR CHARITABLE CONTRIBUTIONS -- LIMITATION.
At the election of the taxpayer, there shall be allowed, subject to the
applicable limitations provided herein, as a credit against the income tax
imposed by chapter 30, title 63, Idaho Code, an amount equal to fifty percent
(50%) of the aggregate amount of charitable contributions made  by such
taxpayer during the year to a nonprofit corporation, fund, foundation, trust,
or association organized and operated exclusively for the benefit of
institutions of higher learning located within the state of Idaho, including a
university related research park, to nonprofit private or public institutions
of elementary, secondary, or higher education or their foundations located
within the state of Idaho, to Idaho education public broadcast system
foundations within the state of Idaho, to the Idaho state historical society
or its foundation, to the Idaho commission for libraries and to public
libraries or their foundations and library districts or their foundations
located within the state of Idaho, and to nonprofit public or private museums
or their foundations located within the state of Idaho.
    (1)  In the case of a taxpayer other than a corporation, the amount
allowable as a credit under this section for any taxable year shall not exceed
twenty percent (20%) of such taxpayer's total income tax liability imposed by
section 63-3024, Idaho Code, for the year, or one hundred dollars ($100),
whichever is less.
    (2)  In the case of a corporation, the amount allowable as a credit under
this section for any taxable year shall not exceed ten percent (10%) of such
corporation's total income or franchise tax liability imposed by sections
63-3025 and 63-3025A, Idaho Code, for the year, or one thousand dollars
($1,000), whichever is less.
    For the purposes of this section, "institution of higher learning" means
only an educational institution located within this state meeting all of the
following requirements:
    (a)  It maintains a regular faculty and curriculum and has a regularly
    enrolled body of students in attendance at the place where its educational
    activities are carried on.
    (b)  It regularly offers education above the twelfth grade.
    (c)  It is accredited by the northwest association of schools and
    colleges, or by the state board of education.
    For the purposes of this section, a nonprofit institution of secondary or
higher education means a private nonprofit secondary or higher educational
institution located within the state of Idaho, which is accredited by the
northwest association of schools and colleges, or by the state board of
education. A nonprofit private institution of elementary education means a
private nonprofit elementary educational institution located within the state
of Idaho and approved by the state board of education.