This morning the Our Faith School Tuition Organization (STO) was made aware of a proposed IRS change that will affect the level of the federal deductibility of STO gifts and all gifts given to programs that receive a state tax credit. This will have no impact on the Iowa tax credit.
If this proposal passes, it will be retroactive to any STO cash or credit card gifts received after Monday, August 27, 2018.
You have generously invested in the future leaders of our churches and communities through STO gifts in the past, so we wanted to let you know that we still have more than $3 million in available credits for 2018.
To take advantage of the federal deductibility as well as the state tax credit, gifts need to be received (or postmarked) before the end of the day Monday, August 27, 2018. READ MORE