The Missouri Department of Economic Development announced on Wednesday that it would award over $6.7 million in Neighborhood Assistance Program (NAP) tax credits to help non-profit organizations across the state with community development projects.
“Workforce development is a top priority of our Governor,” said Missouri Department of Economic Development Deputy Director Luke Holtschneider. “This program supports that initiative via strengthening Missouri’s communities by helping non-profit organizations raise private-sector funds. This is done by providing state tax credits to businesses that make contributions to approved community improvement projects.”
Donors can contribute cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed or up to 70 percent for projects located in the most rural areas.
Eligible donors include businesses, individuals who operate a sole proprietorship, operate a farm, have rental property or have royalty, shareholders in an S-corporation, partners in a Partnership, or members of a Limited Liability Corporation.
Applications are now being accepted for the second round of NAP submissions, which must be postmarked no later than September 4 to be considered. Organizations can apply for one, two, or three year projects. Applications for the first round of NAP submissions were submitted in March and April 2019.