GIVINGOpportunities
NEIGHBORHOOD ASSISTANCE PROGRAM (NAP) TAX CREDITS
Guidelines & Frequently Asked Questions
The following are the guidelines for donations eligible to receive NAP Tax Credits for donations given to Kingdom House received through October 30, 2010, or until all tax credits are exhausted.
Here is a link to the Tax Credit Form to fill out for your credit: Tax Credit Form PDF
(You may print it out or save it on your computer and type your responses on the form).
Financial Donations
Kingdom House is partnering with the Missouri Neighborhood Assistance Program, which provides tax credits to donors. The credit amount is equal to 50% of the donation amount. For companies wanting to further improve their bottom line while making a positive contribution to their community, this is a win-win opportunity.
Financial donations to Kingdom House are eligible to receive NAP tax credits if the gift is a new gift of money (cash, credit card, check, stock) in the amount of $500 or more; and directed to Kingdom House’s Capital Improvement Program
For example, for $1,000 donation, assuming a 36% tax bracket, the following is a breakdown of the total tax savings:
$1,000 Contribution Amount
$360 Federal Tax Savings
$60 State Tax Savings
$500 NAP Credit_______
$920 Total Tax Savings
Frequently Asked Questions
WHO IS ELIGIBLE TO RECEIVE THE NAP TAX CREDITS: The Missouri Neighborhood Assistance Act makes this credit 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 September 30, 2011
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, NAP tax credits are not transferable or sellable.
DISTRIBUTION OF CREDITS: NAP tax credits are limited. Therefore, they will be distributed on a first-come, first-served basis.
QUESTIONS: Contact Robert Ringstad 314-421-0400 or visit our website at www.kingdomhouse.org
Eligibility Requirements for NAP Contributors
The following types of businesses are eligible to contribute to approvedNeighborhood Assistance Program projects. All applications for tax credit mustinclude the documentation described below. Applications submitted without thenecessary documentation will not be processed.
| BUSINESS ELIGIBILITY: | IF YOU ARE FILING: | DOCUMENTATION REQUIREMENTS: |
| Corporation | Missouri Form 1120 | Corporation Name |
| Sole Proprietorship | Federal Form 1040, Schedule C and Missouri Form 1040 | Individual name and social security number If married, names and social security numbers of husband and wife |
| Farm Operation | Federal Form 1040, Schedule F and Missouri Form 1040 | Individual name and social security number If married, names and social security numbers of husband and wife |
| Individual reporting income from rental property or royalties | Federal Form 1040, Schedule E and Missouri Form 1040 | Individual name and social security number If married, names and social security numbers of husband and wife |
| Small Business Corporation (S Corp) | Missouri Form 1120S | Business Name AND a complete list of shareholders, social security numbers and percent ownership held by each shareholder |
| Partnership | Missouri Form 1065 | Partnership Name AND a complete list of partners, social security numbers and percent of ownership held by each partner |
| Financial Institution (includes Banks, Credit Institutions, Saving And Loan Associations, Credit Unions, Farmer’s Cooperative Credit Associations, Or Building And Loan Associations) | Missouri financial tax return | Business Name |
| Insurance Company | Missouri Insurance Tax Return with the MO Dept. of Insurance | Company Name |
| Individual partner in partnership or individual shareholder in an s-corp | Individual name and social security number If married, names and social security numbers of husband and wife NOTE: CONTRIBUTION MUST BE MADE BY PERSONAL CHECK AND NOT BY THE PARTNERSHIP OR S-CORP | |
| Limited liability corporation/partnership | Missouri Form 1120, 1120S or 1065 | Business Name AND a list of partners, their social security numbers and percent ownership held by each |
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