Wednesday, August 15, 2012
Kathy Becker, executive director of Missouri Girls Town at Kingdom City, got some good news recently when she learned the State of Missouri has approved a 70 percent tax credit for donations to finance a Girls Town building renovation project in Callaway County at Kingdom City.
“The 70 percent tax credit will be a tremendous help in our fundraising effort to help pay for renovations to the McClain-Williams residential home on our campus,” Becker said.
Becker said the $146,000 project, which includes new flooring and a new roof, will have $102,837 in 70 percent state tax credits available to businesses making donations to Girls Town for the project.
Becker said only business income is eligible for the 70 percent state income or franchise tax credit. That includes individuals who operate a sole proprietorship, such as a farm, have rental property, or have royalty income. Shareholders in a S-corporation, a partner in a partnership or a member of a limited liability corporation also are eligible for the 70 percent tax credit.
“This is the best kind of tax credit,” Becker said. “It comes off the total amount that is paid to the state in either business income or franchise taxes. Basically, instead of the state getting all of the tax money, we get 70 percent of it for our building project at Girls Town here in Callaway County at Kingdom City.”