|Missouri Tax Credit||-5,000||-2,500||-500||-250|
|Missouri Tax Savings||-600||-300||-60||-30|
|Federal Tax Savings||-3,500||-1,750||-350||-175|
|Additional Federal taxes due to reduction of Missouri taxes||+1,960||+980||+196||+98|
|Total Tax Savings (Federal and Missouri)||-7,140||-3,570||-714||-357|
|Net cost to donor||$2,860||$1,430||$286||$143|
*For donors in the 6% Missouri income tax bracket and 35% federal income tax bracket. Please consult your tax advisor to determine your exact savings.
Who is eligible to receive tax credits? YOP credits are available to any individual or business with a Missouri tax liability. NAP credits are available to any person, firm or corporation in business in the State of Missouri. Besides corporations, this includes financial institutions, insurance companies, express companies, partnerships and their individual partners, small business corporations (S-corporations) and their individual shareholders, limited liability companies and their individual members, and individuals who either own and operate their own business, own and operate a farm in Missouri, or receive income from royalties or rental property in Missouri.
What is the eligibility time frame? From now through March 31, 2017.
What kind of donations are eligible? Gifts of stock or cash/monetary donations are accepted. The donation may not originate from a tax-exempt trust or foundation.
How do I apply? Individuals or businesses who donate $500 or more will automatically be mailed a tax credit application. Donors are required to provide proof of their donation with their signed and notarized application. Sample tax credit application.
When may the credits be claimed? The credit may first be claimed on taxes due for the year the contribution was made, and extends for five additional tax years. The tax credit is only to be claimed on taxes due for that period, and any credit not claimed in that time will automatically be forfeited. The credit may not be used to offset taxes due for periods prior to the year of contribution.
May credits be transferred or sold? No, tax credits are not transferable or sellable.
Distribution of credits: Tax credits are limited. Therefore, they will be distributed on a first-come, first-served basis.
Please contact Jennifer March, Development & Associate Executive Director, at firstname.lastname@example.org or (314) 627-1228 for more information.