Businesses or individuals with businesses who donate to The Naturally Occurring Retirement Community for improvement projects will receive a 50% tax credit
The St. Louis Naturally Occurring Retirement Community (NORC) senior project has been awarded $152,000 in Neighborhood Assistance Program (NAP) Tax Credits from the State of Missouri. This three-year program, administered by The Missouri Department of Economic Development, helps nonprofits raise private-sector funds by providing a double benefit for the donation – partial state tax credits and a tax deduction.
Any business or individuals with business income from an S Corp, partnership, rental property income or limited liability corporation that contribute funds for senior improvement projects is eligible to take 50% of their gift as a tax credit in the year a donation is made. Donations may be cash, credit card, or stocks and bonds. A total of $93,500 credits remain which will provide $187,000 in program support to the St. Louis NORC.
“This is a great opportunity for anyone with a business interest in the St. Louis community and/or the state of Missouri to reduce their state tax liability either in the year of purchase or over a five-year period and help older adults remain living at home at the same,” Karen Berry-Elbert, St. Louis NORC manager. “It’s a win-win for all.”
St. Louis NORC, a non-sectarian program of Jewish Federation of St. Louis and a national model, helps seniors aged 65+ of all backgrounds and religions with home repairs and safety, offers computer assistance, educational and health and wellness programs, fitness classes, and information and referral.
For further information about how to apply for the tax credit, contact Ken Weintraub, Federation Senior Development officer, at 314-442-3731 or KWeintraub@JFedSTL.org