Almost Home - Housing Services for Teenage Mothers

Missouri "Maternity Home" State Tax Credit

Tax Advantages In Addition To Normal State And Federal Charitable Contribution Deductions

Did you know that by choosing to give to Almost Home, you can save even more money on your taxes? For corporations and individuals in Missouri, there are additional tax advantages to donating to Almost Home. As a state–designated "maternity home," donations between $100 and $100,000 are eligible for a 50% credit against taxes owed to the State of Missouri. This tax credit is in addition to the usual state and federal itemized charitable contribution deductions.

A tax credit is a deduction taken directly off the final total of taxes–owed to the State of Missouri during a taxable year; this will significantly reduce your real out–of–pocket cost when making a donation to Almost Home. Donations for this purpose must be cash, stocks, bonds, securities or real property.

For example, contributors in a 20% tax bracket: their $1,000 donation to Almost Home will qualify for a tax credit of $500 that can be used to reduce their Missouri state income tax any time during a five year period. This credit is in addition to the federal and state charitable deductions on itemized tax returns.

After taxes are paid, the actual out–of–pocket cost for donating $1,000 to Almost Home would be only $240. A donor who wishes to spend only $1,000 on contributions to Almost Home could actually donate $4,167 to and accomplish the same result. Two actual out–of–pocket costs to the hypothetical donors above are listed below:

Charitable Gift
$
1,000

$
4,167

Federal tax reduction — 20%
$
200

$
833

Missouri tax reduction — 6%
$
60

$
250

Missouri Tax Credit — 50%
$
500

$
2,084

Out–Of–Pocket Cost After Taxes
$
240

$
1,000

It is very easy to take advantage of this opportunity. When Almost Home receives your contribution, we will send a Tax Credit Application for you to complete and sign. This must be sent back, in whole, to Almost Home. We will sign and mail it to Jefferson City. Once the State has processed it, they will mail your copy of the Application back to you with your tax credit noted on it. We will be happy to answer any further questions you may have about this process.

The Missouri Maternity Home Tax Credit, Section 135.600, RSMO, was established in 1998. Everyone’s tax situation is different, so please consult your tax expert to determine how this would affect you personally.