An endeavor by the Missouri Department of Economic Development (DED) is helping target endangered communities through community productivity projects and programs.
The Neighborhood Assistance Program through the DED offers state tax credits to donors who participate in approved NAP programs. The programs should increase community productivity and seek to provide assistance and encouragement to targeted groups.
Key priorities of programs eligible for DED tax credits include:
- non-profits that focus their efforts on awareness, education, treatment and reduction of opioid misuse
- job training programs that help created a well-educated workforce
- addressing the gap between available jobs and qualified workers
- programs that facilitate the transition to the workplace and community of military service members
Eligible donors must be either:
#1 Missouri business: A person, firm, partner in a firm, corporation, or a shareholder in an S corporation, doing business in Missouri and subject to state income that:
- Falls outside the company’s normal scope of business; and,
- Will address one or more identified needs in the community; and,
- Qualifies under one or more eligible NAP categories
#2 Nonprofit Organization: An organization located (and incorporated to do business) in Missouri that is:
- Incorporated as a non-profit corporation pursuant to Chapter 355, RSMo
- Designated as a community development corporation under Title VII of the Economic Opportunity Act of 1964; or,
- Holds a 501 (c)(3) IRS tax exempt ruling (and is incorporated as a nonprofit in Missouri)
The DED will issue 50 or 70 percent tax credits to an eligible taxpayer who makes a qualified contribution to an approved NAP project.
Applications are due by Sept. 27.