Missouri Tax Credit
As an incentive to encourage people to make donations to food
pantries, the State of Missouri passed a bill a year ago that would
give a tax credit -- not just a deduction -- for contributions to a
food pantry, such as Bishop Sullivan Center's.
Any taxpayer (individual, corporation or trust) that makes a
donation of cash or food supplies to a food pantry may receive a credit
of up to $2,500 per taxpayer per year. The taxpayer may take a credit
of 50% of their donations. The total amount available for the Food
Pantry Tax Credit is $2,000,000 in any one fiscal year. A fiscal year
begins on July 1st and ends on June 30th.
All claims will be held until after April 15 to determine if the
total claimed exceeds $2,000,000. If claimes exceed $2,000,000, the
department will apportion credits in an equal ratio among all valid
returns filed.
For more information on this, go to http://dor.mo.gov/tax/taxcredit/fpt.htm