Attention Business Owners: Get a tax credit and give to a great school.

Attn: Business Owners

Get a tax credit and give to a great school.

If you are an owner of a corporation in ND and would like to take advantage of a $2500 tax credit by contributing to Christ the King, click the link at the bottom for more information, or see the details below.

Nonprofit Private School Contribution Credit
The nonprofit private school contribution credit consists of the following three separate income tax credits:
• Credit for contributions to a nonprofit private primary school (grades kindergarten through 8)
• Credit for contributions to a nonprofit private high school (grades 9 through 12)
• Credit for contributions to a nonprofit private college
The credits are allowed to a C corporation and to pass-through entities, such as a partnership and S corporation. An estate and trust are considered pass-through entities for purposes of the credits. A list of the eligible schools within each of the three categories of schools can be found in the Corporation Income Tax Credits booklet and in the instructions to the pass-through entity income tax returns—Form 58 (partnerships), Form 60 (S corporations), and Form 38 (estates and trusts)
C corporation. For a C corporation, the amount of the credit allowed in a tax year for each category of school equals the lesser of (1) 50 percent of the contributions made during the tax year, (2) 20 percent of the tax liability before credits for the tax year, or (3) $2,500. Generally, the credit must be claimed on the income tax return filed for the tax year in which the contribution is made; however, a corporation may elect, on a contribution by contribution basis, to treat a contribution as having been made in the previous tax year if it is made on or before the due date, including extensions, for filing the North Dakota income tax return for the previous tax year.
Pass through entity. For a pass-through entity, the amount of the credit allowed in a tax year for each category of school is determined by multiplying the contributions made to eligible schools within a category by 50 percent. The resulting credit is passed through to the entity’s owners or beneficiaries based on their respective interests in the entity. For each type of credit received, an owner or beneficiary is allowed to claim the lesser of (1) the owner’s or beneficiary’s share of the credit as reported on North Dakota Schedule K-1, (2) 20 percent of the owner’s or beneficiary’s tax liability before credits for the tax year, or (2) $2,500.
Individual. The credit is not allowed to an individual for making a contribution directly to a qualifying school. However, if an individual owns an interest in a pass-through entity that qualifies for one or more of the three credits, the individual is allowed to claim the individual’s share of the credit(s) received from the pass-through entity, subject to the limitations described under “Pass-through entity” above.
To claim the credit, see the instructions to the following forms:
• For a C corporation, see Form 40, Schedule TC or Schedule CR, Part III.
• For a partnership, see Form 58, Schedule K.
• For an S corporation, see Form 60, Schedule K.
• For an estate or trust, see Form 38.
• For an individual who owns an interest in a pass-through entity, see Form ND-1, Schedule ND-1TC.
Reference: N.D.C.C. § 57-38-01.7

Nonprofit Private School Contribution Credit