Dewhurst Releases Tax Returns For 2009 and 2010, Estimates for 2011
Lt. Governor David Dewhurst, candidate for Republican nomination for the U.S. Senate, released his 2009 and 2010 tax returns in full today, along with an estimate of his 2011 income and charitable contributions.
For 2009, Dewhurst and his wife, Patricia, showed an Adjusted Gross Income loss of $1,485,642, along with a tax payment of $281,188. The Dewhursts made charitable contributions of $933,884 during the year.
For 2010, the Dewhursts filed an AGI of $1,010,218, and paid taxes of $443,646. They made charitable contributions of $1,197,000 during the year.
For 2011, tax returns will not be filed until later in the year. Accountants estimate the Dewhurst AGI for 2011 at just over $5 million. The Dewhursts made charitable contributions during 2011 of $1.9 million.
The returns reflect investment losses related to substantial energy investments being made on a property owned by the Dewhursts and Falcon Seaboard. The tax losses are principally comprised of corporate interest expense, intangible drilling costs for multiple wells and depreciation of oil and gas assets.
The Dewhurst charitable contributions include a number of substantial gifts, including:
- Biblica, an organization that translates and distributes Bibles worldwide ($125,000 in 2010, $50,000 in 2011)
- Boy Scouts of America ($20,00 in 2010, $20,000 in 2011)
- Houston Symphony ($125,000 in 2009, $25,000 in 2010, $125,000 in 2011)
- Jewish Institute for National Security Affairs ($40,000 in 2009, $40,000 in 2010)
- IBS-STL Global, a Bible and Christian literature ministry ($125,000 in 2009)
- Battleship Texas Foundation ($10,000 each year)
- Helping A Hero Foundation, an organization assisting injured veterans of the War on Terror ($25,000 in 2010)
