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PURPOSE:

We are now accepting applications for FY2017 NAP Round 2. Round 2 applications must be postmarked no later than September 23, 2016. Approved Round 2 projects will have start January 1, 2017, regardless of the date of approval notification. NAP staff are offering an NAP Application Workshop for those who would like extra help in preparing an application. Click here for the workshop registration form.

AUTHORIZATION:
Sections 32.100 to 32.125, RSMo

ELIGIBLE AREAS:
Statewide

ELIGIBLE APPLICANTS:

  • Not-for-profit corporations organized under Chapter 355, RSMo;
  • Organizations holding a 501(c)(3) ruling from the IRS; and
  • Missouri businesses.

ELIGIBLE DONORS

Businesses only - individuals who operate a sole proprietorship, operate a farm, have rental property or have royalty income are also eligible, as well as a shareholder in an S-corporation, a partner in a Partnership or a member of a Limited Liability Corporation.

ELIGIBILITY CRITERIA:
The Department of Economic Development (DED) will issue 50% or 70% tax credits to an eligible taxpayer who makes a qualified contribution to an approved Neighborhood Assistance Program (NAP) project.

PROGRAM BENEFITS/ELIGIBLE USES:
This tax credit can be applied to:

  • Ch. 143 – Income tax, excluding withholding tax
  • Ch. 147 – Corporate franchise tax
  • Ch. 148 –
    • Bank Tax
    • Insurance Premium Tax
    • Other Financial Institution Tax
  • Ch. 153 – Express Companies Tax

This credit’s special attributes: Carryforward 5 years

FUNDING LIMITS:
The maximum amount of tax credits available is $16 million per fiscal year.  The tax credits are allocated at the discretion of DED and are subject to change:

  • $10 million in 50% credits
  • $6 million in 70% credits (reserved for projects in certain lower population or unincorporated areas).

Applicant organizations may request a maximum of $250,000 in 50% tax credits per year or $350,000 in 70% tax credits per year if the organization is located in a qualifying rural area.

APPLICATION/APPROVAL PROCEDURE:
Applications will be accepted in two rounds. The Department is targeting $8 million in approved projects for Round 1 and $8 million in Round 2; however, we reserve the right to adjust allocations based on the quality of applications.

NAP staff is available to provide technical assistance to organizations making application to the program.

REPORTING REQUIREMENTS:
Quarterly reports, final report, final audit for projects using $25,000 or more in tax credits, and 1099 reporting.

SPECIAL PROGRAM REQUIREMENTS:
Preference is given to projects addressing specified program outcomes.  The NAP also seeks projects located in distressed communities and in target communities as determined by the department.

 

CONTACT

Missouri Department of Economic Development
Division of Business and Community Services
Finance Management Team
301 West High Street, Room 770
P.O. Box 118
Jefferson City,   MO  65102
Phone: (573) 751-4539   Fax: (573) 522-4322
E-Mail: dedfin@ded.mo.gov