Did you know if you made a donation to Isaiah 58 Ministries in 2018 you are eligible for a tax credit from the state of Missouri? Following are the guidelines for receiving the credit.
Eligible Applicants
- Any taxpayer (individual, corporation, or trust) that makes a donation of cash or food supplies to a food pantry may receive a credit of up to $2,500 per taxpayer per year. The taxpayer may take a credit of 50 percent of their donations.
How to Claim the Food Pantry Credit
To claim the Food Pantry Tax Credit, the claimant must attach the following to their Missouri tax return:
- A completed Miscellaneous Income Tax Credits Form (MO-TC).
- A completed Food Pantry Tax Credit Form (MO-FPT) or documentation from the food pantry which specifies the name of the food pantry, the dates and amounts of donations, and the name of the person making the donations. A separate MO-FPT or letter documenting the donations must be submitted for each food pantry to which donations were made.
Eligible Use of Tax Credit
- The amount of the credit claimed may not exceed the amount of the claimant’s tax liability. If the credit exceeds the claimant’s tax liability, the excess amount may be carried forward three subsequent years.
- If the claimant reports donations used to calculate the Food Pantry Tax Credit as a charitable contribution on their federal Schedule A, the donation amount must be reported as a modification (addition) on Missouri Individual Income Tax Adjustments Form MO-A.
Authorization
- This Food Pantry Tax Credit may be applied to individual income tax, corporation income tax, and fiduciary tax, or any other tax incurred under the provisions of Chapter 143, RSMo, excluding state withholding tax.
- The Food Pantry Tax Credit is nonrefundable and is nontransferable.
For additional information, go to the Missouri Department of Revenu website.