NAP Tax Credits
BCI has been approved to leverage $241,000 in Missouri Neighborhood Assistance Program (NAP) state tax credits. These offer eligible donors giving $1,000 or more an amazing way to reduce the amount of taxes they owe while supporting adults with developmental disabilities.
Donations received under this program will be used to expand services and offer employment to 48 more people with disabilities so they can achieve their personal self-development goals while earning wages and contributing to their community.
Eligible donors include individuals who operate a sole proprietorship or farm, those who have rental property or royalty income, or those who are shareholders in S-corporations, partners in a partnership, or members of a limited liability corporation. Businesses are also eligible.
NAP credits are worth 50% of your gift and, in addition to state and federal standard deductions, directly reduce the amount of tax you owe. Below is an example of how the credits work for someone with a federal tax rate of 24% (2021 income rate range of $86,375 - $164,925 for single and $172,750 - $329,850 for married).
To discuss whether NAP tax credits might work for you or your business, or to get started with a qualified donation, please contact Cindy at (636) 875-5220.
Note: this example is provided for illustrative purposes only and does not constitute tax advice. You should consult your own tax advisor prior to making a contribution to confirm the after-tax cost of your donation and to learn more about how these credits can help you achieve your desired outcome, including, but not limited to, adjustments related to the charitable/standard deduction limits and possible alternative minimum taxes.
# - assumes that the taxpayer itemized deductions exceed the standard deductions ($12,550 for individual and $25,100 for married filing jointly). Note: the charitable deduction has been reduced by 50% due to new IRS proposed regulations effective August 27, 2018.