Baptist Homes & Healthcare Ministries is partnering with the Missouri Department of Economic Development (MODED) to issue $350,000 in Neighborhood Assistance Program Tax Credits. NAP tax credits are issued at a 70% rate of qualified donations. These gifts will assist with renovations to create efficiency suites in the historic Riggs Scott Building at Baptist Homes of Arcadia Valley.
The Missouri Neighborhood Assistance Act (NAP) makes this credit available to any person, firm, or corporation with business income in Missouri. Qualified individuals operating a sole proprietorship, a farm, rental property, or earning royalty income are eligible, as well as shareholders in an S-corporation, partners in a Partnership, or members of a Limited Liability Corporation.
NAP tax credits are used to offset an eligible donor’s state income tax liability and are claimed when the donor files their Missouri tax return. The credit may be used against taxes owed for the year of the donation plus five additional tax periods. As a simple illustration, a $5000 donation will reduce a Missouri State Tax obligation of $5000 to $1500.
Step 1: Baptist Homes receives a donation.
Step 2: Baptist Homes sends Missouri tax paperwork for the donor to complete.
Step 3: The paperwork is returned to Baptist Homes, and we send it on to MODED.
Step 4: MODED will notify potential donors of approval or denial within 45-90 days.
This is a unique opportunity for Baptist Homes to partner with our supporters and to bless our ministry. Tax credits are limited, so contact us today!
For more information about Missouri state tax credits, contact Ron Mackey (rdmackey@bhhm.org) or Nick Davis (ndavis@bhhm.org) at 573-546-2709.
