Missouri DED approves Columbia food bank for $250k in tax credits
JEFFERSON CITY - The Missouri Department of Economic Development (DED) said Monday they approved a Columbia food bank for $250,000 in tax credits under the Neighborhood Assistance Program (NAP).
The DED approved a total of $1,090,747 in tax credits for the following five not-for-profit food banks across the state, including $250,000 for the Food Bank for Central & Northeast Missouri on Vandiver Drive.
• Harvesters - The Community Food Network in Kansas City has been approved for $250,000
• Ivy Bend Community Food Pantry in Stover has been approved for $215,747
• Operation Food Search, Inc., in St. Louis has been approved for $250,000
• Southeast Missouri Food Bank in Sikeston has been approved for $125,000
• The Food Bank For Central & Northeast Missouri, Inc., in Columbia has been approved for $250,000
The NAP helps not-for-profit organizations raise money by providing partial state tax credits to businesses that make contributions to approved community improvement projects.
Businesses can donate cash, materials, supplies, equipment, technical assistance, professional services, labor, real estate or stocks and bonds.
Tax credits can equal up to 50 percent of the total amount contributed, or they can equal up to 70 percent for projects located in some rural areas.
Not-for-profit organizations participating in the NAP program conduct fundraising and outreach activities or provide services involving crime prevention, education, job training, physical revitalizations or other community services.
Not-for-profit organizations throughout Missouri use the NAP to make their communities a more desirable place to live and work, as well as contribute to the community's economic development.
Earlier this summer, Gov. Jay Nixon announced more than $4 million in funding through the Missouri Community Service Commission's AmeriCorps program for 21 not-for-profit organizations. A portion of the $4 million was directed specifically toward food bank organizations.