Conservation Federation of Missouri!

Your gifts to Share The Harvest could qualify for tax credits through the Neighborhood Assistance Program.

The Conservation Federation of Missouri (CFM) is interested in growing the Share The Harvest program and needs your help to do it!  Gifts to CFM for processing of Missouri whitetail deer will help feed Missourians in need, and now, thanks to the Missouri Department of Economic Development’s Neighborhood Assistance Program (NAP), you or your business may be eligible for significant state tax advantages as a result of a gift in support of this worthwhile program.

In an effort to provide clear and concise information regarding NAP state tax credits, a brief summary of the program as it applies to CFM and Share The Harvest is provided below.  For more detailed information consult the Neighborhood Assistance Program FY10 Guidelines and Application at http://www.ded.mo.gov/bcs/upload/fy2010_guidelines_and_application.pdf. The Conservation Federation of Missouri recommends that you consult with your accountant prior to making any gift based on tax savings.

Here’s the simple explanation regarding the tax credits. NAP tax credits for Share The Harvest are 50% state tax credits. They apply to the donor’s state tax liability. The NAP credits allow a qualified donor to subtract 50% of their total contribution to Share The Harvest directly from state taxes owed. The donor may still deduct the full amount of their gift as a charitable contribution for both state and federal taxes. This combination of tax credit and charitable deduction creates significant tax savings for qualified donors. Credits may be used during the calendar year in which the contribution was made, or may roll over for up to five additional tax years. The credits are good for almost any business or any individual with business income.

Frequently Asked Questions:

What donations qualify for NAP tax credits?
Gifts must be made to the Conservation Federation of Missouri specifically for Share The Harvest. Due to record keeping requirements, CFM will only accept gift of cash in the amount of $1,000 or more and gifts of publicly-traded stocks and bonds in the amount of approximately $1,000 or more. Stocks and bonds are valued at the average market price on the day of transfer.

How do I apply for NAP Credits?
Eligible donors making a qualified contribution will apply for their tax credit by filling out Missouri Form CDTC-770 and sending it to the CFM office. The CFM Project Director will fill out Part VI of form CDTC-770, providing verification that the gift has been received and that the funds will be utilized for the purpose of carrying out the approved project, and send it to DED for approval.  Donors will receive a tax credit certificate within four to six weeks of application. The donor then submits a MO-TC tax form with their annual income tax return to receive the tax credits.  Missouri Form CDTC-770 is available at: http://www.ded.mo.gov/bcs/upload/taxcreditapplication%28012706%29.pdf

Who is eligible for NAP Credits?
Any person, firm or corporation in business in the State of Missouri is eligible to receive NAP credits. Individuals are not eligible to receive NAP credits unless they have business income. Eligible contributors include: Individuals receiving income from rental property or royalties, Sole Proprietors, Farm Operations, Partnerships, Limited Liability Corporations, Small Business Corporations (S-Corps), Corporations, Financial Institutions and Insurance Companies.

The following chart provides more detail regarding eligible contributors and how NAP tax credits apply to their state tax liability.

*Includes Banks, Credit Institutions, Savings and Loan Associations, Credit Unions, Farmer’s Cooperative Credit Associations, or Building and Loan Associations

Is there a maximum contribution?
The amount of the tax credit claimed shall not exceed the amount of the taxpayer’s liability in the tax year that the tax credit is claimed. Any portion of the tax credit not claimed by the taxpayer in the tax year the contribution was made may be carried over the next five succeeding tax periods. The total tax credits approved for a contributor shall not exceed $250,000 per tax year.

Selected Features and Restrictions of the NAP Tax Credit
The NAP tax credit may be claimed against a variety of state tax liabilities and must be claimed in the following order: 1) Gross Premium Receipts Tax; 2) Financial Institution Tax; 3) Corporate Franchise Tax; 4) Corporate and Individual Income Tax; and 5) Gross Receipts Tax.

NAP Credits are not refundable or transferable.

NAP Credits have a five-year carry-forward provision. Donor has six tax periods in which to claim the tax credit. Any balance remaining after the sixth year is forfeited.

A maximum of $250,000 in NAP tax credits may be approved annually for a single donor. This represents the combined amount of tax credits approved for donations made by that donor to all NAP projects in the state of Missouri.

If you have questions or would like additional information, please call the Conservation Federation of Missouri at (573) 634-2322 or contact Matt Gaunt directly at (573) 489-4440.

For each $40.00 you donate you provide for the procession of 1 deer.