Keep Iowa growing: Utilizing farmland to create a legacy of giving
Iowa’s farmland holds both our state’s heritage and our history. As you think about the future of your land, what if you could ensure it is kept in production while directing the revenue to the causes and community you care about? Keep Iowa Growing allows you to do just that. Keep Iowa Growing is Iowa’s farmland giving program available through the Community Foundation of Marshall County and the Community Foundation of Greater Des Moines. Keep Iowa Growing provides the opportunity to keep your land in production while creating a legacy of giving that will positively impact the causes you care about.
Making a gift of farmland gives you the flexibility to structure a gift which works best for you. An outright gift can be made with the revenue benefiting the causes you care about immediately. You can also choose to make a gift of farmland, but retain a life estate and an income stream for your lifetime and a charitable legacy for generations to come. This flexibility allows you to consider what is best for you, your family and your farming operation while maximizing your charitable contributions and tax savings.
Keep Iowa Growing provides a variety of opportunities and benefits to not only support the causes you care about, but maximize tax savings on the gift of land. When making a gift of farmland you receive a tax deduction for the charitable portion of the gift, bypass capital gains taxes, remove the asset from the possibility of estate taxes and you may qualify for Endow Iowa Tax Credits. These credits are a 25 percent state tax credit available for gifts made to qualifying funds at our community foundations.
While your generosity creates a legacy of giving, your land will continue its history of production. Keep Iowa Growing will manage your gifted farmland to ensure best farming practices are used and your intentions are carried out. You have the ability to name the tenant farmer who will rent the land, thus providing farmers a continued income stream.
Farming has provided you with more than a living; it’s a way of life. Making a gift of farmland gives you the assurance this way of life will not only continue, but has created a legacy of giving forever benefitting the community and causes you care about.