COLUMBIA,MO -- The Missouri Department of Economic Development (DED) Thursday announced that a not-for-profit organization has been approved for state tax credits under the Neighborhood Assistance Program (NAP). The approved project is a part of approximately $5.5 million approved in the first round of NAP applications for FY 2012.
The Food Bank for Central and Northeast Missouri, Inc., has been approved for $250,000 in tax credits. The food bank will acquire 28 million pounds of food helping 72,000 people monthly and will partner with 126 Buddy Pack schools to send food home with 7,000 children weekly. The food bank will distribute the product through a network of qualified and approved charities, early childhood learning centers, elementary and middle schools in 32 counties in central and northeast Missouri.
The DED administers the Neighborhood Assistance Program that helps not-for-profit organizations raise private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects.
Businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed or up to 70 percent for projects located in most rural areas.
Not-for-profit organizations participating in the NAP program conduct capital campaigns or provide services in the areas of crime prevention, education, job training, physical revitalizations, or community services. The Neighborhood Assistance Program is utilized by not-for-profit organizations throughout Missouri to make their communities a more desirable place to live and work, as well as pave the way for economic development.
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