MISSOURI TAX CREDITS
Thank you for your interest in information about the state of Missouri tax credits available for gifts made directly to several of our missions partners. This letter describes the tax credits currently available, how your Missouri income tax may be reduced, and where to send a check. The tax credits are limited and distributed first come, so some may be unavailable as we get close to year end.
These state tax credits will reduce your Missouri income tax by 50-70% of the amount contributed. Gifts made to Pregnancy Resource Centers, which assist women or couples with unplanned or crisis pregnancies and encourage them to carry their pregnancies to term by offering pregnancy testing and counseling with emotional and material support qualify for either the Pregnancy Resource Credit (PRC) or Maternity Home Credit (MHC) 70% tax credits, but these may be limited as we get close to the end of the year. If you itemize on Schedule A of your tax return, these charitable contributions may reduce federal and state income taxes even further, depending on your tax bracket.
MISSOURI BAPTIST CHILDREN’S HOME
The Missouri Baptist Children’s Home (MBCH) has been serving God by caring for children, youth, and families for 136 years. Currently, tax credits are available for gifts to support children and family ministries, pregnancy resources, qualified maternity homes, human trafficking ministry, Christian foster homes, residential programs, and developmentally disabled adult residential care. The Pregnancy Resource Credit (PRC), Maternity Home Credit (MHC), Champions For Children (CFC), Residential Treatment Agency (RTA), and Developmentally Disabled Providers (DDP) tax credits are available for gifts of $100 or more by individuals or businesses that pay Missouri income tax. The Pregnancy Resource Credit (PRC) and Maternity Home Credit (MHC) are 70% tax credits, and the others are 50% tax credits. To qualify, checks must be made payable to The LIGHT House for the PRC or MHC and MBCH-CFM for the CFC, RTA, and DDP tax credits. Designate on the memo line of your check “PRC, MHC, CFC, RTA, or DDP as applicable, but the 70% credits will be most advantageous. Mail your check to Missouri Baptist Children’s Home, Attn: Jo Ann Lloyd-Harvell, 11300 St. Charles Rock Road, Bridgeton, MO 63044-2793. In the lower left corner of the envelope, write SBC. Jo Ann will send you a tax credit application for your completion and signature. Return it to her as soon as possible. She will submit it to the state of Missouri, and you will receive an official tax credit letter from the state to include with your 2022 Missouri tax return. If you have any questions, contact Jo Ann Lloyd-Harvell at the MBCH at 800-264-6224 or Joe Nogalski at 816-317-4430.
PREGNANCY CARE CENTER
The Pregnancy Care Center(PCC) provides health and wellness education and resources for people facing an unexpected pregnancy. The Pregnancy Resource Center Tax Credit (PRC), authorized by the state of Missouri for gifts to the PCC, is a 70% tax credit. To qualify, checks for $100 or more should be made payable to and mailed to Pregnancy Care Center, Attn: Vania Hager, 1342 E. Primrose, Ste C, Springfield, MO 65804. Include a note with your check that you want to use the PRC tax credit. In the bottom left corner of the envelope, put PRC–SBC. Vania will send you a tax credit application to sign and return. Return it to her as soon as possible. She will certify the application and submit it to the state of Missouri. You will then receive an official tax credit letter from the state to include with your 2022 Missouri tax return. Gifts of appreciated property, such as stocks and bonds, may make the tax benefits of gifts to the MBCH or PCC even greater by eliminating your capital gains on those assets. If you wish to give marketable securities, please call Jo Ann Lloyd-Harvell or Vania Hager for brokerage information.
GRAND OAK MISSION, SPRINGFIELD VICTORY MISSION, and BRIDGE OF FAITH
Donations of cash or food to a food pantry may qualify for a credit against Missouri income tax of up to $2,500 per taxpayer per year, receiving a tax credit of 50% of the donations.
Grand Oak Mission, Springfield Victory Mission, and Bridge of Faith Community Church all desire to build up the dignity of others by teaching them the value of work, while loving and serving them with basic needs. These organizations have the Food Pantry Tax Credit (FPT) available for donations of cash or food in the amount of $100 or more. For cash contributions, make your check payable to Grand Oak Mission or Springfield Victory Mission or Bridge of Faith Community Church, as applicable. Designate on the memo line of your check FPT tax credit and mail your check to Greene County Baptist Association, 834 W Battlefield St., Springfield, MO 65807 for a Grand Oak Mission gift, Springfield Victory Mission, P.O. Box 2884, Springfield, MO 65801-2884 for a Victory Mission gift, or Bridge of Faith Community Church, P.O. Box 1059, Rockaway Beach, MO 65740. Include a note with your check that you want to take advantage of the tax credit and write FPT tax credit and the initials S.B.C. at the bottom left corner of the envelope. A Food Pantry Tax Credit form (MO-FPT) will be sent to you by early January to include with your 2022 Missouri tax return. A separate MO-FPT must be submitted for each food pantry to which donations are made, and the maximum FPT tax credit available for 2022 is $2,500. Returns claiming the Food Pantry Tax Credit must be filed by April 15 of next year. All claims for Food Pantry Tax Credits are held until after April 15 to determine if the total claimed by all Missourians exceeds $1,750,000. If it does, Missouri will apportion credits in an equal ratio among all valid claims filed.
The tax credits create an excellent financial opportunity for Missouri taxpayers and provide a timely blessing for children and families. They are a good provision for the State of Missouri, which relies on the compassionate, efficient, and effective services provided by these organizations.