The Missouri Development Finance Board (MDFB) approved the Handi-Shop’s Capital Campaign! We received $500,000 in 50% tax credits to give to eligible donors who make qualifying contributions to the Handi-Shop’s Capital Campaign. The $500,000 awarded tax credits will leverage $1,000,000 in contributions to the Handi-Shop.
Support the Handi-Shop while reducing your Missouri state tax liability!
What is the Missouri Development Finance Board (MDFB)?: The MDFB assists with infrastructure and economic development projects in Missouri by providing the critical component of the total
financing for projects that have a high probability of success, but are not feasible without the Board’s assistance.
What’s a tax credit? The tax credits are awarded to eligible non-profits who apply to Missouri Development Finance Board program as an incentive to enable you to give more generously to non profits like the Handi-Shop.
An example: You donate $15,000 to the Handi-Shop, $7,500 (50%) is eligible for the Missouri tax credit, leaving you with a $7,500 (50%) tax liability.
Who are Eligible Contributors?
Any taxpayer, including any charitable organization that is exempt from federal income tax and whose Missouri unrelated business taxable income, if any, would be subject to the state income tax imposed under Chapter 143, shall be entitled to a tax credit in the amount of 50% of any amount contributed to the Board.
What’s the timeline? May 15, 2024-March 31, 2025. But, with a limited amount of tax credits to be claimed we anticipate they will go quickly! Contact us immediately if you are interested.
Does the Handi-Shop have minimum contribution I have to make to get the MDFB credit? $10,000
Does the Handi-Shop have a maximum contribution cap on the credits? NO!
Do I write my check to the Handi-Shop Capital Campaign? NO! Your contribution can be in the form of a check, wire transfer, or marketable securities. Checks must be made out to the “Missouri Development Finance Board” --not to the Handi-Shop. Reference “Handi-Shop Capital Campaign Mexico, Missouri,” on the check in the memo section or write “FBO (For the Benefit Of) Handi-Shop Capital Campaign-Mexico, Missouri” on the payee line of the check. Bring the completed Form 100, and your check to the Handi-Shop. We will mail it to Jefferson City. This form enables the Board to
complete your tax credit certificate and register your credits with the Department of Revenue. A Form 100 is available from the Handi-Shop (or this link... https://mdfb.org/wp-content/uploads/2024/04/FORM-100-2022-Fillable.pdf
If more than one individual is listed as the Contributor, the Form 100 must include the Social Security Number and Signature of all individuals listed. If a contribution is made on behalf of a business, the Board requires the completion and notarization of the Alien Certification Form-provided by HSI.
Explain to me how the City of Mexico is involved in this effort? The City of Mexico is the Handi Shop’s partner for this economic development project.
What will I receive after I make my contribution to the Board? Once your contribution and Form 100 have been received and processed, you will receive a Tax Credit Certificate that includes the information from your Form 100 and includes a unique tax credit number that the Department of Revenue needs to track the usage of your tax credits. In addition to the tax credit certificate, a blank Form L is sent to you. The Form L is only needed if you plan to sell or assign your tax credits to another taxpayer. You do not need to complete the Form L until you plan to sell or assign your tax credits. HSI can provide more information if you are interested in transferring credits.
How do I claim the Tax Credits on my State of Missouri tax return? To claim earned tax credits, enter the amount of the tax credit being claimed on the appropriate line of your Missouri state tax return and attach a copy of the Tax Credit Certificate to your tax return along with the completed Missouri State Form MO-TC. In order to claim a Missouri Tax Credit you will be required to file a paper return.
Can I only get credit for the year 2024? No. The credits cannot be carried-back but can be carried forward to offset future tax liabilities for up to five years. The tax credit certificate need not be completely used on one return. Portions of the credit can be used in each of the succeeding five years to pay tax liabilities owed to the State of Missouri.
How does the Handi-Shop know I made a contribution to MDFB for their project? The Handi-Shop project periodically receives “Project Activity Reports” listing the amount and contributor. This helps the project ensure that recognition has been given. But please let the Handi-Shop know you are contributing, so the gift can be appropriately tracked.
We are not tax professionals. Please consult your tax advisor to learn how tax credits benefit you.
Additional information may be found at the Missouri Development Finance Board.
https://mdfb.org/
Contact Martin Keller at hsimanager@handi-shop.com or 573-721-7491 or Anne Ekern at ekern@ekerncompany.com or 202-445-3001 with any questions and to make a donation.
About the Handi-Shop Capital Campaign. For more than 50 years the Handi-Shop has provided employment opportunities for individuals with developmental disabilities. This capital campaign includes: construction of a new Recycling Center to provide employees with a larger, safer and more efficient workspace; construction of a new thrift store to provide expanded retail space for clothing, household goods, bulky furniture and a cafe! The current thrift store will be renovated into an innovative Job Training Center for manufacturing, food service and other trade experiences. With the expansion we will continue and expand our Assembly Partnerships of light assembly work.
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