PAYETTE EDUCATION FOUNDATION

The Payette Education Foundation is tax exempt. That means that according to the Federal Government, PEF is exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code. It is further determined that PEF is not a private foundation within the meaning of section 509(a) of the Code, because we are an organization described in section 509(a)(3) of the same code.

What this means to you is:

The Education Tax Credit lets you support the Payette School system with dollars you would otherwise pay on your Idaho Income tax. In addition, the normal charitable deduction permits you to deduct the amount of your contribution from your federal income tax as well.      One-half of your contribution (up to $100 for married persons and $50 for single persons) is a STATE INCOME TAX CREDIT (i.e., if you pay $200 to the Payette Public School Education Foundation, you receive a $100 tax credit against your Idaho State income tax liability). Your contribution is also FULLY TAX DEDUCTIBLE on your federal income tax return. Depending upon your tax bracket, your $200 tax credit contribution could cost you as little as $19.

Please note tax laws change regarding the charitable tax deduction, so contact your accountant or the person who prepares your tax returns for the latest information.