Unlock the Power of Missouri NAP Tax Credits with LifeWise StL
LifeWise StL is honored to have received the Neighborhood Assistance Program (NAP) tax credits from the Missouri Department of Economic Development. Leveraging these tax credits not only amplifies your contribution but also offers you tangible financial benefits. Sample tax credit application.
Eligibility
Missouri NAP Tax Credits: Designed for persons, firms, or corporations operating in Missouri. This spans corporations, financial institutions, insurance companies, express companies, partnerships and their individual partners, S-corporations and their individual shareholders, limited liability companies and their individual members, and individuals with business operations, farm ownership, or income from royalties/rental properties in Missouri. Sample tax credit application.
Donation Guidelines
- We welcome gifts of stock or cash/monetary donations.
- Donations should not be sourced from a tax-exempt trust or foundation.
Application Process
- Donate $500 or more.
- Indicate your desire for tax credits (For check donations: write “NAP” in the memo line; for online donations: add “NAP” in the comments section; for stock donations: reach out to Greta Buck prior to transfer).
- Upon request, a tax credit application will be mailed to you.
- Return the signed and notarized application, along with proof of donation, within six months. Sample tax credit application.
Visualizing the Benefit
This chart illustrates the potential benefits and process of the NAP tax credits for donors.
| Donation | $10,000 | $5,000 | $1,000 | $500 |
|---|---|---|---|---|
| Missouri Tax Credit | -5,000 | -2,500 | -500 | -250 |
| Missouri Tax Savings** | -248 | -124 | -25 | -13 |
| Federal Tax Savings** | -1,100 | -550 | -110 | -55 |
| Total Tax Savings (Federal and Missouri) | -6,348 | -3,174 | -635 | -318 |
| Net cost to donor | $3,653 | $1,826 | $365 | $183 |
*Assumes donor itemizes deductions and is in the 22% marginal Federal income tax bracket and 4.95% Missouri income tax bracket. As with any gift, the amount that is tax-deductible is dependent on each individual’s unique financial circumstances. Consult your tax advisor to determine your exact savings.
**Contribution deduction reduced by amount of Missouri credit per Final Treasury Regulations issued June 2019.
Claiming Your Credits
- The credit becomes applicable on the taxes for the year the contribution is made and can be claimed for four subsequent tax years.
- Credits are exclusively for the stipulated period, and any unclaimed credits within that timeframe will be forfeited.
- Retroactive claims on taxes from before the contribution year are not permissible.
Transfer & Sale of Credits
Tax credits awarded cannot be transferred or sold.
Credit Distribution
Given the limited availability of tax credits, they are distributed on a first-come, first-served basis.
Questions?
For more information, please contact Greta Buck, Director of Development & Marketing, at gbuck@lifewisestl.org or 314-260-6369.
