Generous Tax Savings Opportunity
MDFB Tax Credits Available for Training for Life Campus Donors
SOMO is making tax credits available to any Missouri taxpayer who donates $1,000 or more to support the Training for Life Campus.
These tax credits are available immediately through the Missouri Development Finance Board (MDFB), and represent a 50% tax credit for donations. Until now, these MDFB tax credits were only available to business and property owners. Now, any Missouri taxpayer can get a tax credit of 50% which, combined with federal and state tax deductions, can reduce taxes even more.
Learn more about these MDFB tax credits >
SOMO still needs to raise $2.2 million to complete the Training for Life Campus campaign so that construction can begin in 2017.
There's still time for you to make a much bigger impact with your donation and get an unusually generous tax reduction. In addition to the MDFB tax credits, Special Olympics Missouri offers Neighborhood Assistance Program (NAP) tax credits to help you get the most out of your Missouri and federal income tax deductions.
You can also consider a Leadership Gift, or naming opportunity, which may help you seize the most tax credits possible while doing the most good for thousands of SOMO athletes.
Special Olympics Missouri's Training for Life Campus capital campaign has been approved by the state of Missouri to participate in the Neighborhood Assistance Program (NAP) Tax Credits. In order to take advantage of this generous tax savings opportunity, you must complete your donation before Dec. 31, 2016 to earn tax benefits for the 2016 tax year. Please make your pledge now to help us reach our goal.
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.
To qualify for the NAP Tax Credits, donations must be at least $2,500. A contribution of cash, stocks or bond is eligible for the tax credits. In addition, you must meet eligibility requirements for individuals and businesses.
To learn more about the Special Olympics Missouri NAP Tax Credits and how you can save on your 2017 taxes, click here. Have questions about Special Olympics Missouri NAP Tax Credits? Check out our Q&A.
If you’re ready to start your donation to help build the new Training for Life Campus, download the SOMO Nap Tax Credit Form or review the NAP Qualifications. If you have any questions or would like assistance in making your donation and claiming your tax credits, please contact Laurie Shadoan at Special Olympics Missouri by calling (913) 789-0353 or emailing her at firstname.lastname@example.org.
The chart below illustrates three examples of tax savings donors can enjoy with the NAP tax credit program (assumes 35% tax bracket):