While many taxpayers are just getting finished with tax preparations for 2024, now is a strategic time to prepare for 2025! How about a gift that gives back?
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.
The Missouri Neighborhood Assistance Act 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.
How does this work?
Step 1: Baptist Homes receives a donation of $1,000 or more.
Step 2: Baptist Homes sends the donor Missouri tax paperwork to complete.
Step 3: The paperwork is returned to Baptist Homes, and then we send the completed paperwork 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.
