DED approves tax credits for local not-for-profits

The Missouri Department of Economic Development Wednesday announced the approval of more than $2.3 million in Neighborhood Assistance Program tax credits for 14 not-for-profits across the state.

The department administers the program, which helps organizations raise private-sector funds by providing partial state tax credits to businesses that make contributions.

In Springfield, $250,000 was approved for the local Boys & Girls Club. The funds will be used to fund its GED program for adolescents and to provide risk-awareness programs on drugs, alcohol, tobacco and sexual activity.

The Good Samaritan Boys Ranch in Brighton will receive $350,000 for facility renovations, and the Seymour Branch YMCA will receive $350,000 for the construction of an aquatic center.

Businesses can donate cash, supplies, equipment, technical assistance, professional services, labor, real estate, stocks or bonds. The tax credits can equal as much as 50 percent of the total contribution or as much as 70 percent for projects located in mostly rural areas. Donating businesses will receive tax credits at a 70 percent credit level.