Posted: May 13, 2014
Yes, you may receive a credit for the full amount of the contribution, up to the amount allowed by law or the actual tax you owe, whichever is less. If you cannot use the entire credit amount available for a particular year, the excess can be carried forward and used to offset state income taxes for up to five years. A taxpayer who donates between January 1st and April 15th may elect to claim the credit in either the previous tax year or the current year in which the donation was made. Always consult a tax advisor with questions regarding your personal taxes.