Do you know about tax credits?

St. Francis Community Services can offer 50% State Tax Credits for donations of $1,000 or more through the Neighborhood Assistance Program. Credits are available for gifts from businesses or individuals with business income.

Eligible donors include:
  • Businesses
  • Individuals with farm income
  • Individuals with rental income
  • Individuals with royalty income
  • Shareholders in an S-Corporation
  • Members of an Limited Liability Corporation
  • Individuals operating a sole proprietorship or partnership

These credits reduce your Missouri state tax burden by $500 for every $1,000 donated, in addition to normal tax deductions.

How it works – example based on a donor in the 28% tax bracket:
Donation Amount: $1,000 $2,500 $5,000 $10,000
Missouri Tax Credit (50% of gift) 500 1,250 2,500 5,000
Federal Income Tax Deduction (28%) 280 700 1,400 2,800
State Income Tax Deduction (6%) 60 150 300 600
Total Savings 840 2,100 4,200 8,400
Your estimated out-of-pocket cost: $160 $400 $800 $1,600
The Process:
  1. Please contact us and reserve your tax credit before making a donation.
  2. Donate $1,000 or more to St. Francis Community Services.
  3. Catholic Charities will send you a tax credit form and acknowledgement of the donation.
  4. Fill out the form and return it.
  5. Catholic Charities will validate the application and file it with the State of Missouri.
  6. The State of Missouri will process your application and send you an Eligibility Certificate to include with your state tax return and form MO-TC.
Contact ogriffith@ccstl.org or 314-256-5997 to initiate your tax credit contribution today!

 

Link: Missouri Department of Economic Development NAP Tax Credits Flier