Springfield Art Museum awarded $2M in tax credits

The Springfield Art Museum is the recipient of $2 million in tax credits from the Missouri Development Finance Board.

The tax credits are expected to spur $4 million in private investment toward the museum's $25 million capital campaign, according to a news release.

"With receipt of these important tax credits, now is the time for the museum to invite individuals and corporations to make their commitments to the museum’s 2028 campaign,” said Nick Nelson, director of the Springfield Art Museum, in the release.

The museum provided an example of how the funding works: a $50,000 contribution toward the capital campaign would result in a $25,000 tax credit for the donor.

Along with the tax credits, the museum announced the appointments of Drs. Tom and Kimberley Prater to lead the 2028 campaign’s private investment initiative.

"We are so proud to assist the museum with this incredible growth opportunity,” Kimberley Prater said in the release. “As art collectors ourselves and as huge fans of the Springfield Art Museum, we are honored to serve."

The campaign was bolstered in March, when the museum received the largest charitable gift in its history: $5 million from the Sunderland Foundation of Overland Park, Kansas. The campaign has netted at least $9 million toward the funding to expand and improve the 1111 E. Brookside Drive museum, according to past reporting.