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State tax credits benefit rental property owner

Scott Meader is taking advantage of Special Olympics Missouri's state NAP tax credits to leverage his donation to the Training for Life Campus before the end of the year.

"There's more dollar impact with these tax credits," explains Meader. "In addition to the charitable deduction, I can reduce my state tax liability through the NAP tax credit program."

Offered through the state of Missouri's Neighborhood Assistance Program, these generous tax credits are available to qualified individuals and businesses that complete your donation of $2,500 or more to SOMO's Training for Life Campus capital campaign by Dec. 31, 2017.

Meader, of St. Louis, learned about the program from his tax accountant and qualified because he owns rental property. Others can qualify by owning businesses, farms, partnerships or insurance agencies. (See the many ways you can qualify here.)

The SOMO tax credits provide a 50% credit on 2017 state income taxes, as well as additional savings on federal income tax. The end result is that you can get more than 70% of your donation returned to you.

The chart below illustrates three examples of tax savings donors can enjoy with this program (assumes 35% tax bracket):

A contribution of cash/check, stocks or bonds is eligible for the SOMO tax credits. You must make your contribution by Dec. 31, 2017 in order to get the credits for tax year 2017. The process is simple -- just make your pledge by April 15, 2016 and complete the donation by Dec. 31, 2017. 

If you're interested in taking advantage of this generous year-end tax savings, please contact Laurie Shadoan, Chief Advancement Officer, at (913) 789-0353 or shadoan@somo.org.  Please let her know you'd like to get these tax credits, and she can facilitate the process for you.

Questions about SOMO's NAP tax credits? Get answers here.

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