Tax Credits are available to eligible donors for gifts of cash, credit or appreciated securities. You can reduce your Missouri tax liability by 50%. For detailed information about tax credits, please see below.
Claiming a Tax Credit
Upon approval of the tax credit application, a Tax Credit Certification will be issued to the contributor. The following criteria must also be met in order for the contributor to claim the credit:
1. The Department of Economic Development (DED) will certify each credit and send each donor a “Certificate of Eligibility”. Department of Revenue (DOR) will have access to all approved credits. With Senate Bill 1099 all donors are approved through DED, then transferred to DOR for review of delinquent taxes, if delinquent taxes are due the credit will be offset by that amount. Once approved by DOR the certificate of eligibility will be mailed out and is ready to claim on the contributor’s tax return.
2. To claim the tax credit on your taxes, the Department of Revenue Form MO-TC is needed. To obtain this form please contact Department of Revenue at 800.877.6881 or download it from dor.mo.gov.
3. In the event that tax credits were improperly approved, the Department will notify the taxpayer of the reason for the adjustment and notify the Department of Revenue that the tax credits have been adjusted and the reason for the adjustment.
4. The tax credits are not transferable, refundable or sell-able.
* As with any gift, the amount that is tax-deductible is dependent on each individual’s unique financial circumstances. The above examples are calculated for donors in the 35% tax bracket. Please consult with your tax advisor to determine your exact savings.
How do you make a gift? - When we receive your donation, we will send you an acknowledgement letter. If your annual donations equal or exceed $1000, you can request a tax credit application by contacting 314-918-3382 or email@example.com. Once you receive the application, complete it and send the required documentation along with the application back to Epworth and we will complete it and send to the DED. You will then receive a certification letter directly from the State of Missouri indicating approval. NOTE: You have one year from the date of your donation to process your tax credit application with the state.
We also accept gifts of appreciated stock and other securities. Please contact the Development Office at 314.961.5718 or fill out our brief contact form for further information. Epworth can fax or email the stock transfer information directly to you or your broker.