Neighborhood Assistance Program (NAP) Tax Credits

NAP tax credits work as an incentive to encourage businesses and individuals with business income, including rental or farm income, to contribute to neighborhood projects and charities. Under the NAP program, any corporation or individual with business or royalty income in the state of Missouri is eligible to receive a tax credit valued at 50% of their contribution. Individual donors, without business income do not qualify.

One-time gifts of $5,000 or more to RMHC of Mid-Missouri for the new House are eligible. 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.

 

Eligible Contributors

 
Business Eligibility:If you are filing:
CorporationMissouri Form 1120
Sole Proprietorship>Federal Form 1040 Schedule C and Missouri 1040
Farm OperationFederal Form 1040 Schedule F and Missouri 1040
Individual Reporting Income From Rental Property or RoyaltiesFederal Form 1040 Schedule E and Missouri 1040
Small Business Corporation (S Corp)Missouri Form 1120 S
PartnershipMissouri Form 1065
Financial InstitutionMissouri Financial Tax Return
Insurance CompanyMissouri Insurance Tax Return with the
 MO Dept. of Insurance
Limited Liability Corporation/PartnershipMissouri Form 1120, 1120S or 1065

 

More information can be found at the NAP website.