Missouri Neighborhood Tax Credit Program

08/14/2017 1:52 PM | Anonymous member (Administrator)

Do you have a business income in Missouri? If so, you can receive a reduction on your Missouri State Taxes on eligible contributions through the Missouri Neighborhood Tax Credit Program (NAP). The Mid-East Area Agency on Aging has been awarded $60,00 in 50% NAP tax credits. 

Project

The MEAAA project that will be funded, through the generosity of donors and with the help of the NAP Tax Credits, is the creation of a senior center and central kitchen in the Ferguson Community Center.  This facility will enable older adults residing in Ferguson and beyond to access programs and services in their neighborhood.  The MEAAA Ferguson Senior Resource Center will provide numerous programs and services for adults, aged 60 and above, including hot, noontime meals 5 days per week, 52 weeks per year, a social gathering place, transportation, caregiver support, and much more.  The central kitchen will prepare hot meals which will be served at the senior center and, as funding and volunteers permit, delivered to the homebound not only in Ferguson, but all throughout North County.

Who is eligible to receive NAP Tax Credits?

Corporations, Small Business Corporations (S-corporations) and their individual shareholders, Limited Liability Corporations and their individual members            Partnerships and their individual partners, Financial Institutions/Insurance Companies, Express Companies

And Individuals who: Have rental property in Missouri, Have royalty income in Missouri, Operate a farm in Missouri or Operate a sole proprietorship in Missouri

How do I benefit from NAP Tax Credits?

Donors may claim the tax credits when they file their MO tax return.  The tax credit not only maximizes the amount a donor might give, but donors can claim their entire contribution on their federal income tax return as a charitable donation.

How do I receive and use my NAP Tax Credits?

A business or an individual with business income can receive Missouri state tax credits (not a deduction) equal to 50% of a contribution designated to MEAAA-Ferguson Project.  For example, a gift of $1,000 will receive a Missouri state tax credit of $500.  This credit is in addition to the usual federal and state charitable deductions.

The process is very simple.  First, make an eligible contribution to MEAAA-Ferguson Project.  You then complete and return a notarized tax credit application form, provided by MEAAA.  The Missouri Department of Economic Development will issue NAP Tax Credits to you, which can be filed with your Missouri business income tax return.  The tax credits are applied to your total tax liability incurred for that tax period.

(The donor has the tax year the contribution was given and 5 succeeding tax periods in which to use the credits, if the donor does not have enough tax liability in the tax year the contribution is made.)

The minimum donation required to take advantage of the NAP Tax Credits is $1,000.

Donations must be received by 3/30/18.

As in all cases, please consult a professional tax adviser regarding a donation of any kind.

NAP tax credits are NOT sellable, transferable, or refundable.  For more information on NAP Tax Credits, please visit the Missouri Department of Economic Development website at www.ded.mo.gov .

Please contact Elise Daniels at MEAAA to make a donation and claim your tax credits.  Phone:  636-207-0847     Email:  edaniels@mid-eastaaa.org