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Donors can get tax benefits by giving to program that aids seniors

Jewish Federation has been awarded $152,334 in Neighborhood Assistance Program (NAP) tax credits from the State of Missouri that will assist Federation in raising funds for the Naturally Occurring Retirement Community (NORC) senior program.  NAP, administered by the Missouri Department of Economic Development provides critical assistance to the needy by allowing donors to direct their Missouri tax dollars to local projects. In return, they receive tax credits up to 50 percent of the value of their contribution.

The contributions must be made to approved community improvement projects. St. Louis NORC is a program that supports the healthy aging of adults aged 65 years and older in their own homes by providing opportunities for meaningful community involvement and increased access to support services. St. Louis NORC helps seniors with home repairs and safety, and offers computer assistance and educational programs on health and wellness.

Karen Berry-Elbert, St. Louis NORC manager, sees this as a wonderful opportunity for businesses and individuals in the St. Louis community. “It’s a chance not only to make an important difference in the lives of older adults in our metropolitan area, but also to receive thanks for doing so in the form of a tax credit by the state,” says Berry-Elbert. “In addition, donations are tax deductible, so there is a double tax benefit to giving.”

Donors must have business income from an S Corp, partnership, rental property income or limited liability corporation to qualify for tax credits. Donors can donate cash or stocks and bonds. This is a great opportunity for business owners to reduce their state tax liability either in the year of purchase or over a five year period from date of purchase

To apply, donors can obtain a tax credit form provided by Jewish Federation of St. Louis. The donor fills out his/her portion of the form, notarizes it, attaches a copy of the cancelled donation check and returns the form to Jewish Federation of St. Louis, 12 Millstone Campus Drive, St. Louis, MO 63146.

Jewish Federation will authorize the application and submit it to the State of Missouri. The donor will then receive an official tax credit letter to include with his/her tax return. Jewish Federation can accept gifts to these NORC programs for up to a cash value of $304,668.

For further information contact Ken Weintraub, senior development officer, at 442-3731 or kweintraub@jfedstl.org.