NAP Tax Credits
What are NAP Tax Credits?
NAP tax credits allow a part of your state income tax to be directed to a nonprofit. Your donation would go towards supporting low-income seniors through St. Andrew's Charitable Foundation's Safe Home For Seniors and Circle of Care programs.
Who is eligible for NAP Tax Credits?
Any Missouri person, firm or coporation in business including:
- Individuals with income from royalties or rental property
- Sole proprietors
- Limited liability corporations
- Farm operations
How can you benefit from NAP Tax Credits?
For every NAP dollar you donate to St. Andrew's Charitable Foundation, you could get 50% back in the form of a state income tax credit.
Examples of How NAP Tax Credits Are Computed:
|50% State Tax Credit||$500.00||$1,250.00||$2,500.00||$5,000.00||$12,500.00|
|Federal charitable deduction based on 35% tax bracket||$350.00||$875.00||$1,750.00||$3,500.00||$8,750.00|
|MO charitable tax deduction based on 6% state tax bracket||$60.00||$150.00||$300.00||$600.00||$1,500.00|
|Reduced Federal deduction for State tax based on 35% Federal tax bracket||Add back $175||Add back $437.50||Add back $875||Add back $1,750||Add back $4,375|
|Out of pocket||$265.00||$662.50||$1,325.00||$2,650.00||$6,625.00|
How do NAP Tax Credits Work?
- Make a donation of $1,000 or more to St. Andrew's Charitable Foundation.
- St. Andrew's will provide a simple application for you to complete and return to us.
- We will validate all forms and forward them to the MO Department of Economic Development (DED).
- The DED will process the application and send you the Certificate of Eligibility and MO tax credit form for your State tax return.
- St. Andrew's Charitable Foundation will accept donations in the form of cash, check, credit card, publicly traded stocks or bonds.
- Tax credits may be used for the tax year in which the donation is made or may be carried forward 5 consecutive years.
You can also visit the Missouri Department of Economic Development's website at https://ded2.mo.gov/neighborhood-assistance-program.