Tax Credits Help Keep Non-Profits Operational

3 years 5 months 3 weeks ago June 12, 2013 Jun 12, 2013 Wednesday, June 12 2013 Wednesday, June 12, 2013 5:09:00 PM CDT in News
By: Elaina O'Connell

BOONE COUNTY - The Missouri Department of Economic Development (MDED) gives out two categories of tax credits, business development tax credit programs and community tax credit programs. One type of community tax credit is the Youth Opportunities Program (YOP). A YOP tax credit benefits both the donor and the agency. It is used to offset an eligible donor's income tax liability and to enable the donor to redirect his Missouri tax dollars to local projects.

Over the past two years, the MDED has given out $5,287,132 in tax credits. But tax credits are not cash. 

"A tax credit is, let's say you are one of the people donating to one of these agencies and you got a certain amount of tax credit funds back to you, what that means is your state income tax is decreased by that much next year," MDED Director of Communications John Fougere said. 

Last August, the MDED approved Coyote Hill Christian Children's Home for state tax credits under the YOP. Coyote Hill received $249,566 of Missouri state tax credits.

"The tax credits really encourage larger business gifts and that is important because of what Coyote Hill does in the community," Coyote Hill founder Larry McDaniel said.

Coyote Hill also receives funding from donations and what it calls "Parent Partners." Parent Partners are individuals or businesses that support Coyote Hill on a monthly basis. Coyote Hill said these donations are very important for the financial stability of work with the children and their families.

Larry and Cathy McDaniel founded Coyote Hill Christian Children's Home in 1991. With their experience in foster care, they realized there was a tremendous need for a professional home of love that was able to address the social and emotional issues, in addition to the physical ones of food, shelter, and clothing for children who have been neglected or abused.

"These kids have never got to be a child," McDaniel said. "We just try to make everything here be an effective to help a kid be a kid and have a safe place to do it." 

Coyote Hill is located about 20 minutes north of Columbia on 200 acres . The property has four homes. Each home has over 5300 square feet, and is designed to work with up to eight children in each home.

Coyote Hill offers physical support and education, as well as individual, spiritual and emotional growth.

"[Without the tax credit] we would not be as far reaching because the tax credit enables us to build another home," McDaniel said. 

Not just any agency is eligible for YOP tax credits. There are five different types of groups that are eligible for YOP tax credits. The first group includes non-profit organizations, Coyote Hill's status. There are also local governments, Missouri businesses, schools and faith-based organizations.

Any individual, LLCs, partnerships, banks or corporations that have Missouri tax liability are eligible for YOP tax credits. Donors have up to one year from the date of their contribution to complete the application process. They then have up to 5 years to use the credits to offset state income tax liability. Credits cannot be more than the donor's liability in the tax year they are claimed.

A donor may receive a maximum of $200,000 in credits.

For more information on Missouri tax credits visit here

More News

Grid
List
COLUMBIA - Residents in the Columbia area will be able to speak their minds Tuesday at a public hearing about... More >>
7 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 2:35:00 AM CST in News
COLUMBIA - Two members of the Delta Upsilon fraternity, who wished to remain anonymous, told KOMU 8 News Monday night... More >>
10 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 11:33:00 PM CST in News
ST. LOUIS - Governor-elect Eric Greitens' wife Sheena was robbed at gunpoint Monday night. According to KSDK, St. Louis Police... More >>
12 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 9:49:00 PM CST in News
JEFFERSON CITY - Missouri is seeing an increase in the number of state highway fatalities, and MoDOT is worried it's... More >>
14 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 7:19:00 PM CST in News
COLUMBIA - A group of University of Missouri students exceeded everybody's expectations in gift giving this holiday season, and the... More >>
15 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 6:49:00 PM CST in News
COLUMBIA – Columbia is looking to cut down on traffic deaths and serious injuries, and is looking to join a... More >>
15 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 6:36:00 PM CST in News
COLUMBIA – The Columbia City Council voted 5-2 in opposition to an ordinance that would have revised some licensing regulations... More >>
15 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 6:10:00 PM CST in News
COLUMBIA - Engineering crews kicked off three months of work on Nifong Blvd. on Monday as part of the road's... More >>
16 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 5:49:00 PM CST in News
COLUMBIA - The fourth annual CoMoGives Campaign has some lofty goals for the 2016 holiday season, hoping to raise more... More >>
19 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 2:19:00 PM CST in News
COLUMBIA — Columbia police grew furry faces during a No Shave November fundraiser to benefit a local children's home. ... More >>
19 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 1:59:00 PM CST in News
COLUMBIA — A single-car crash left a Fulton woman dead on Interstate 70 near Highway 40 and the Midway Travel... More >>
20 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 1:53:00 PM CST in News
ST. LOUIS (AP) — A fatal shooting on Interstate 55 in south St. Louis has forced closure of all southbound... More >>
20 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 1:35:24 PM CST in News
ST. LOUIS (AP) — A St. Louis-area businessman and three other men will have a hearing Tuesday in federal court... More >>
20 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 1:24:17 PM CST in News
COLUMBIA — Columbia police officers arrested Edward Rosson Sunday night after he allegedly assaulted his girlfriend while holding a machete... More >>
20 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 1:01:00 PM CST in News
CLAYTON (AP) — A Missouri man is jailed on $500,000 cash bond after being accused of telling co-workers he was... More >>
20 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 12:58:25 PM CST in News
ST. LOUIS (AP) — A Missouri woman has been arrested on suspicion of drunken driving and involuntary manslaughter in a... More >>
21 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 12:32:13 PM CST in News
COLUMBIA — We are fast-approaching the end of the holiday season and that time of year when some of us... More >>
21 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 12:09:00 PM CST in News
WAYNESVILLE — Pulaski County Sheriff Ronald Long will advise detectives investigating a discovery of an adolescent's remains to close the... More >>
22 hours ago December 05, 2016 Dec 5, 2016 Monday, December 05 2016 Monday, December 05, 2016 11:47:16 AM CST in News
Columbia, MO
Broken Clouds 32°
10am 37°
11am 37°
12pm 39°
1pm 40°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Today
11:00a
Rachael Ray
12:00p
KOMU 8 News @ Noon
9:00a
The Steve Wilkos Show
10:00a
Jerry Springer
11:00a
Jerry Springer

Tonight's Schedule

7:00p
The Voice
8:00p
This Is Us
9:00p
Chicago Fire
7:00p
The Flash
8:00p
No Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld