Tax Credits are available and are an excellent method to reduce the amount of tax you owe the state of Missouri!
Rainbow House currently has three tax credit programs available.
Domestic Violence tax credits through the Missouri Department of Social Services
Champion for Children tax credits available through the Missouri Department of Revenue
Neighborhood Assistance Program tax credits available through the Missouri Department of Economic Development
All three tax credit programs offer donors a 50% tax credit on state of Missouri income taxes for donations $100 or over. For the Champion for Children tax credit program, the percentage is variable based on the availability of tax credits. the earlier you submit your forms, the better your opportunity for the higher percentage with these tax credits.
To qualify for Missouri State Tax Credits you must:
- Pay or owe Missouri state taxes
- Donate money in the amount of $100 or more
How?
You simply make a donation to Rainbow House and we send you a thank you letter with your tax credit application form. Both application forms include a detailed set of instructions. For faster processing, please make sure to read the instructions and supply the appropriate documentation. Most delays are due to not including the requested supporting documentation for the donation. The Domestic Violence and Neighborhood Assistance Program tax credit forms will need to be returned to Rainbow House with appropriate documentation. Rainbow House will then sign the form and forward it to the Department of Social Services. The donor will receive a certificate or notification from the Missouri Department of Social Services within 45 days. The Champion for Children tax credit form will be filled out and submitted with the donor’s Missouri income tax forms. This tax credit form will not need to be returned to Rainbow House.
At this time, you can still claim BOTH Missouri State Tax Credits and a Federal Charitable Contribution for the same donation.
If you have tax credit questions or questions about a form, please contact Connie Stith, Director of Finance, at 573.474.6600 x11.
To find out how tax credits can create a mutually beneficial relationship between your company and the children in desperate need of help at Rainbow House, please call Rainbow House’s Executive Director, Melissa Faurot, at 573.474.6600 x34.