Apply now for Missouri Neighborhood Assistance Program Tax Credits
Businesses, don't miss out on this great giving opportunity! Donate through Missouri Neighborhood Assistance Program (NAP) tax credits from April 1, 2012 to March 31, 2014.
The Missouri Department of Economic Development (DED) awarded Forest ReLeaf of Missouri $155,000 in available tax credits to support our Re-Greening of Joplin program. Tax credits are 50% of the value of the gift, and you receive a direct credit when you file your return. Donations must be received by March 31, 2014, payable to Forest ReLeaf of Missouri.
Any business, corporation, sole proprietorship or an individual renting property that incurs a Missouri state tax liability is eligible. Cash or online bank card donations are eligible. What this means for your business is an out of pocket expense of around 16 cents on the dollar or less!
For a cash or bank card donation of $1,000:
|Federal Tax Bracket||28%||33%||35%
|NAP State Tax Credit 50%||$500||$500||$500
|Federal Charitable Deduction||$280||$330||$350
|State Charitable Deduction||$60||$60||$60
|Estimated Out of Pocket Cost to Donor||$160||$110||$90
The above example is intended as a guide and not tax advice. Please consult your tax advisor for how NAP tax credits can benefit you specifically. Additional benefits may apply for stock donations.
Why should my business consider this method of charitable giving?
Questions? Call Donna Coble, Executive Director of Forest ReLeaf of Missouri, at 314-533-5323.
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