Missouri NAP tax credit
Neigborhood Assistance Program (NAP)
The Neighborhood Assistance Program (NAP) allows Missouri taxpayers to determine where their state tax dollars will be utilized by donating to charitable organizations. Moving Upward has been approved to offer $208,300 of NAP tax credits to our supporters.
Eligible donors receive a tax credit equaling 50% of your gift to Moving Upward. This credit combines with your federal and state charitable income tax deduction to lower the actual net cost of your gift to cents on the dollar.
Who Qualifies as a Donor?
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Businesses
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Individuals who operate a sole proprietorship, operate a farm, have rental property or have royalty income.
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Shareholders in an S-corporation, a partner in a Partnership or a member of a Limited Liability Corporation.
How does it work?
GET YOUR NAP TAX CREDIT IN 5 EASY STEPS
1. Make a $1,000 or more contribution of cash, stock, or appreciated real estate to Moving Upward, Inc. We can also accept MasterCard, VISA, and Discover. Cash and notices of stock donation should be sent to our administrative office:
Moving Upward, Inc. 4142 Dr. Martin Luther King Drive, St. Louis, MO 63113.
2. Complete Form 770, and have notarized. Click to view/download the pdf form.
3. Once you receive the cancelled check, monthly credit card, or brokerage statement, mail a copy together with the Form 770 to our offices (see above).
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Your cancelled check documentation must show your name, bank name, the check #, amount, postdate, and last 4 digits of the account number.
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Credit card statements must show your name and last 4 digits of the account number, as well as: billing cycle, date the charge was posted, name of the recipient organization, and amount of donation.
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Stock gifts require a letter from your broker indicating your name, name of recipient organization (PPCS), name of security(ies) transferred from donor account to organization, number of shares, and date of transfer.
4. We sign your application and send the paperwork on to the Department of Economic Development in Jefferson City, MO.
5. You receive a voucher in the mail to be used for tax credit.
Below in an example of a NAP tax credit donation(s), with assumptions*
* NAP tax credits are NOT saleable, transferable or refundable. A gift of appreciated securities would provide additional tax benefits related to avoiding capital gains. The above assumptive calculations presume that state tax is NOT deductible when calculating federal tax because new tax laws limit the state tax deduction for most individuals. Also the above scenario assumes that the federal tax is NOT deductible for state tax. Finally the above calculations assume that an individual can, in fact, itemize deductions under the new tax laws. This is not intended to represent tax advice. Please consult your tax advisor to learn how tax credits will benefit you specifically.
Contact Us to Learn More about Applying NAP Tax Credits
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