A new state tax credit program allows people to make donations to Salina Area Technical College, and cut at least 60% of the donation from their Kansas income tax bill, and cut their federal income taxes as well.
For example, someone who donates $10,000 to Salina Tech in 2022 would receive a $6,000 credit on their Kansas income taxes for 2022. They could also claim the remaining $4,000 as a charitable deduction on their federal and state tax return.
The tax credit program is in effect starting with 2022, and is effective for donations made prior to January 1, 2027. It applies to all of the state’s technical colleges and community colleges, and each college is limited to issuing $500,000 in credits in any one year; individual donations to any one college are capped at $250,000 a year.
“The types of gifts we’re allowed to accept with this time-limited program are cash donations, stocks and bonds, personal property items, and real estate donations,” said Brenda Gutierrez, Executive Director of the Foundation.
By state law, donations through this program are dedicated to the college’s capital outlay fund, which is used to purchase equipment, fund projects such as new buildings or expansions, and deferred maintenance.
“Salina Tech’s enrollment has grown by more than 40 percent in the past six years, and the tools and technology our students need to prepare them for successful careers is expensive,” said Salina Tech President Greg Nichols. “We’re grateful to donors who have helped us keep up over the past several years, and hope this new tax credit will enable more people to consider gifts to the college.”
Donors interested in donating should contact Brenda Gutierrez at 785-309-3121 or [email protected].
Potential business and individual donors are encouraged to consult their tax advisor as part of this process.