COM HAS NAP TAX CREDITS TO GIVE OUT!!
What are NAP Tax Credits?
Neighborhood Assistance Program (NAP) tax credits are awarded by the Missouri Dept. of Economic Development and allow Missouri businesses to redirect a portion of their state taxes to qualified local nonprofits, like Community Outreach Ministries.
When businesses donate $1,000 or more to COM this fall, they can receive a 70% tax credit! COM currently can award credits for up to $158,575 in donations, but once all credits are handed out, this opportunity will be gone.
Learn more about NAP credits on DED's website at ded2.mo.gov/nap and see the application for claiming credits here. Donors have the tax year the donation was made plus 5 succeeding tax years to claim the credit on their tax return
What will COM use NAP donations for?
Businesses who donate to COM and receive NAP tax credits will help COM renovate and expand our existing building to accommodate our expanding programs. Since 2019, our annual budget and staff has doubled and we've added important programs to invest in people's lives. However, we are out of office space and meeting spaces for programs. Our planned renovation will add 7 new office, a new meeting room, and an elevator to improve accessibility to our upstairs spaces. NAP donations will help us complete a building renovation.
Who can donate and receive credits?
Qualifying Missouri businesses or certain individuals with qualifying business income can receive NAP credits. Click here for a full list of qualifying businesses and individuals.
Those who receive NAP credits have that tax year plus five (5) succeeding tax years to claim the credit on their Missouri tax returns.
How can I donate and get started?
If your business is interested in donating to COM to receive NAP tax credits, contact us at firstname.lastname@example.org or 417-326-2769 ext 1506. We will speak with you about you proposed donation, make sure you are a qualifying business, and get you the application.
Once we have received your donation (cash or stocks), we will complete our portion of the NAP application and submit the application to the Missouri Dept. of Economic Development.
DED will review the application to ensure that your donation qualifies. Once they have approved your application, they will send your tax credit certification to COM, which we will forward to you for use on your next tax filing. Donors have the tax year the donation was made plus 5 succeeding tax years to claim the credit on their tax return