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Corporations make bigger impact with MDFB tax credits

Taxpayers who consider making sizeable charitable donations will find a great way to increase the impact of their gifts to support Special Olympics Missouri’s Training for Life Campus. The Campus is the state’s first-ever training facility (much like the U.S. Olympic Training Center in Colorado) for individuals with intellectual disabilities.

SOMO is rewarding donors with a generous tax credit program which provides dramatic tax savings while amplifying the impact of their gift to support the training campus building project.

Taxpayers can make a $10,000 donation, for example, for as little as $2,600. Special Olympics Missouri’s tax credit programs benefit tax- payers at all levels – and for those with the highest tax liabilities, the rewards are even sweeter.

Taxpayers subject to the alternative minimum tax (AMT) may be able to make charitable contributions at a cost less than those subject to regular tax rules. They will also realize dramatic tax savings through two generous tax credit programs available to donors of the SOMO Training for Life Campus. Neighborhood Assistance Program (NAP) tax credits are offered to businesses, and SOMO recently introduced another sizeable tax credit: MDFB tax credits.

MDFB Tax Credits

SOMO is offering these tax credits through the Missouri Development Finance Board (MDFB) for corporations, funders and individuals who donate to support the SOMO Training for Life Campus. All Missouri taxpayers are eligible for this program. The minimum donation for MDFB tax credits is $10,000 with a deadline of Dec. 31, 2015.

The amount of the credit is equal to 50% of the value of the contribution. This represents a significant reduction in state and overall tax liability and at the same time, amplifies the impact of your gift to the SOMO Training for Life Campus because SOMO receives the full value of donated funds.

Cash, publicly traded stocks, and certain types of real estate can be donated. Donating highly appreciated stock gives a “one-two punch” because the tax credit can be taken on the total value of the stock (without needing to pay taxes on the appreciated stock), and then receive tax credits for the total amount of the donation. 

For more information, contact Laurie Shadoan (913) 789-0353 or email shadoan@somo.org.

 

 

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