REDUCE YOUR MISSOURI STATE TAX LIABILITY BY SUPPORTING WORKFORCE & EMPLOYMENT TRAINING
The Neighborhood Assistance Program (NAP) allows Missouri taxpayers to determine where their state tax dollars will be utilized, by donating to charitable organizations. Kranzberg Arts Foundation has been approved to offer at least $499,991 in NAP tax credits to our supporters. *See your tax preparer for more information about tax credits*
The Missouri Neighborhood Assistance Act makes this credit available to any person, firm, or corporation with business income in the State of Missouri. Any qualified person, firm, or corporation in business in Missouri is eligible to receive credits, including:
- Sole Proprietors who own/operate businesses
- S-corporations and individual shareholders
- Corporations
- Partnerships and individual partners
- Limited Liability Corporations
- Insurance Companies
- Farm operations
- Express Companies
- Financial Institutions
- Limited Liability Companies & individual
- Individuals with income from royalties or rental property
Qualified contributions of at least $2,500 in cash, stocks, or bonds. NAP credits may be used to offset individual income taxes, corporation franchise tax, tax on gross premium receipts of insurance companies, and financial institution tax. Credits may be used in the year the donation was made, or up to an additional 5 years after that.
NOTE: These examples are provided for illustrative purposes only and do not constitute tax advice. Eligible donations can be redeemed or claimed when you file your tax return. Any remaining tax credit balance can be used during the next five years. NAP tax credits are NOT saleable, transferable or refundable. A gift of appreciated securities would provide additional tax benefits related to avoiding capital gains.
*The above calculations assume a 38% tax bracket, and that state tax is NOT deductible when calculating federal tax because new tax laws limit the state tax deduction for most individuals. Also the above scenario assumes that the federal tax is NOT deductible for state tax. Finally the above calculations assume that an individual can, in fact, itemize deductions under the new tax laws. This is not intended to represent tax advice. Please consult your tax advisor to learn how tax credits will benefit you specifically.
THERE IS A LIMITED AMOUNT OF TAX CREDITS AVAILABLE! CONTACT KRANZBERG ARTS FOUNDATION EXECUTIVE DIRECTOR CHRIS HANSEN AT CHRIS@KRANZBERGARTS.ORG TO MAKE A DONATION AND CLAIM YOUR CREDITS!
