Missouri’s Domestic Violence Shelter Tax Credit recently increased to 70% of your tax-deductible donation amount, so YOUR GIFT TO ALIVE IS A WIN/WIN!
SUPPORT LOCAL FAMILIES IMPACTED BY DOMESTIC ABUSE WHILE YOU SAVE ON MISSOURI INCOME TAXES.
What are Missouri’s Domestic Violence Shelter Tax Credits?
By donating cash, stock, bonds, real property or other marketable securities to ALIVE, a qualified domestic violence shelter, Missouri taxpayers:
- Help fund ALIVE’s Nights of Safety emergency shelter, 24-hour crisis line, and other critical programs for domestic violence survivors and their children, and
- Can receive a tax credit for up to 70% of their tax-deductible contribution amount of $100 or more for donations made on or after July 1, 2022.
- You can! Qualifying donations to ALIVE totaling $100 or more within a calendar year are eligible for a potential tax credit equal to 70% of your tax-deductible donation. amount. Credit(s) can be applied to reduce your Missouri income tax liability.
- Survivors of domestic violence benefit! Your donation will help provide shelter, therapy, transportation, and other resources to ALIVE clients fleeing intimate partner violence to build a safe and hopeful futures free from abuse.
When can you use it?
- Tax credits may be be claimed in the tax year associated with the contribution or may be carried forward and used against a taxpayer’s state tax liability for one subsequent year.
- Save money on taxes!
- Help ALIVE strengthen empower domestic abuse survivors and their children to create safe and healthy relationships.
- While you help others, you’ll help yourself. It’s been repeatedly proven that giving benefits the donor, strengthening health, happiness and purpose.
- Generous businesses can establish themselves as a responsible community ally by giving! According to Forbes, consumers today care a lot about what causes businesses are supporting. Show customers that your values align with theirs and you care about corporate responsibility by donating to ALIVE!
How can you reap the rewards?
- Donate online, contact Deb Cotten at 314.570.1373 to give over the phone, or mail your check—payable to ALIVE—to ALIVE, P.O. Box 28733, St. Louis, MO 63146.
- Complete the tax credit claim form you receive with the thank you/tax acknowledgement letter you’ll receive from ALIVE, and mail to ALIVE for verification. ALIVE will complete the agency portion and forward to the Missouri Department of Social Services for processing.
- Watch for your tax credit certificate to arrive via mail.
- Apply your tax credit to reduce your tax liability when filing Missouri income taxes.
TAX CREDITS CAN MEAN SIGNIFICANT TAX SAVINGS TO YOU WHILE YOU SUPPORT ALIVE!
The examples below are hypothetical scenarios. Actual savings vary. Please consult your tax advisor.
EXAMPLE 1- ABC WIDGETS
ABC Widgets, a fictional St. Louis manufacturing firm, secures a sponsorship for ALIVE’s 40th
Anniversary Brunch at the $2540 level. ABC receives 4 event tickets, event signage and other benefits worth a Fair Market Value of $520, for a tax-deductible donation portion of $2020. ABC applies for and receives a 70% tax credit—$1414—on the tax-deductible portion of their generous sponsorship!
EXAMPLE 2- Gina Generous
Gina just learned about ALIVE and wants to help! She donates $1000 to the agency. Since Gina receives no benefits in exchange for her donation, she applies for and receives a 70% tax credit—$700—on the entire $1000 donation amount!
The amount the taxpayer can claim per taxable year cannot exceed the taxpayer’s state tax liability and nor can a credit be claimed in excess of $50,000 per taxable year.
Most entities subject to Missouri tax may qualify—individuals, corporations, firms, firm partners, and shareholders in S corps, among others. Restrictions apply and can be reviewed HERE.