Tax credits for business donations
Wed, 03 Jun 2009 15:23:13 GMT — The Mark Twain Boyhood Home & Museum has approximately $83,000 remaining in NAP (Neighborhood Assistance Program) tax credits for Missouri businesses, but this offer will expire June 30, 2009. NAP tax credits are provided for donations toward the restoration of the Becky Thatcher House and can be carried over and used during a five-year period as needed.
Businesses that are eligible to receive NAP tax credits include corporations, insurance companies, LLCs, partnerships, sole proprietorships, financial institutions, S-Corps, and farm operations. NAP provides Missouri tax credits in the amount of 50% of the gift, and donors are also entitled to receive the full federal tax deduction. Donors in the 30% tax bracket, for instance, would receive 80% of their donation back in deductions and tax credits.
There is no minimum donation required, and donors may contribute cash, materials, supplies, equipment, professional services, labor, real estate, and publicly traded stocks and bonds.
Area businesses have long provided support for our restoration projects, said Dr. Cindy Lovell, executive director of the museum. Being able to offer NAP credits gives something of value to the businesses in addition to the satisfaction of assisting with our historical preservation efforts.
With tourism the second largest economy in Hannibal, residents and businesses count on the museum to offer quality exhibits that attract visitors. Anyone wishing to inquire about NAP credits is encouraged to contact Lovell at 573-221-9010, ext. 402.