Sunday, April 28, 2013
Thanks to SB 20, signed by Governor Nixon on March 29, the SERVE, Inc. food pantry is able to offer tax credits again.
The previous tax credit program expired in 2011, and since then, Missouri food pantries such as SERVE’s have seen a decrease in donations.
“This will be a big boost for us because of the economy,” said Julie Roark, Callaway Action Network director. “People are struggling already, so it’s even harder to donate.”
The tax credits allow those who donate to claim 50 percent of the cost of their contribution on their tax returns. Therefore, if a person donated $100 to SERVE, he or she would receive $50 in tax credits. The maximum amount of credits a person can earn per year is $2,500. Any contribution made on or before Jan. 1, 2013 is eligible for the credit, and is applicable to personal fiduciary or corporate tax liability.
Due to the reinstatement of the tax credits, the SERVE food pantry is hoping to expand its reach.
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