WHAT IS THE MISSOURI AFFORDABLE HOUSING TAX CREDIT PROGRAM?
You can help people living with HIV/AIDS in the St. Louis area and reap tax benefits.
The Missouri Affordable Housing Assistance Tax Credit Program is a program of the Missouri Housing Development Commission.
As an incentive for Missouri businesses to participate in affordable housing production, the State of Missouri offers an income tax credit for firms and qualifying individuals that donate cash, professional services, real or personal property to a nonprofit community organization. The donations must assist the nonprofit with the acquisition, construction, and/or operation costs of a specific affordable housing development, such as Cooper House and its Residential program apartment buildings.
Cash and stock donations will be used to help people living with and affected by HIV/AIDS and will earn you a Missouri State income tax credit equal to 55% of the value of your contribution. Donors may carry the credits forward for 10 succeeding calendar or fiscal years until fully applied toward tax obligations.
Any business subject to taxation under Missouri statute is eligible to apply. Businesses must make the contribution to an eligible non-profit community organization, which will use it to offset development and operation costs for affordable housing development.
Some individuals also qualify. An Individual donor is generally eligible for the tax credits if he or she submits IRS forms 1040 Schedule C, 1040 Schedule E, or 1040 Schedule F. The tax credits may be used for the individual tax liability as well as for the business.
WHO BENEFITS MOST?
Anyone who is concerned about persons living with HIV/AIDS and has to make the most of their business resources. You can help others and gain benefits for yourself or your business at the same time. Ultimately, those who are living with the disease benefit the most from this opportunity.
These tax credits may be used in conjunction with your IRS tax deduction. A gift of appreciated stock is usually not subject to capital gains, resulting in even greater savings to the donor. Consult your tax adviser for full details, or call DOORWAYS for further information.
HOW TO GIVE A $10,000 GIFT TO DOORWAYS WITH
JUST $2,500 OUT-OF-POCKET
Donor’s gift of stock or cash: $10,000
Mo. Tax Credit at 55%: $5,500
Federal and Mo. tax savings for charitable gift: $2,000
Total Tax Savings/Refunds: $7,500*
Net Out-of-Pocket: $2,500
*Your tax savings/refunds may vary depending on your tax bracket.
Please consult your tax adviser.
A donation of appreciated stock avoids capital gains taxes!
Donations must be received by April 15, 2017. Click HERE to Give and “Save”.
Please help us take care of all those who turn to us for help, and take a tax credit for your business or personal income tax.
For more information on the Missouri Affordable Housing Assistance Tax Credit Program, call DOORWAYS’ Development Department at 314-535-1919 ext. 2704 or email email@example.com.