Vandalia Awarded Tax Credits
VANDALIA - The Missouri Department of Economic Development announced Monday that a Vandalia not-for-profit organization has been approved for state tax credits under the Neighborhood Assistance Program.
The Vandalia Area Historical Society has been approved for $105,000 in NAP tax credits. The Vandalia Area Historical Society will utilize NAP tax credits toward a capital campaign project to revitalize the downtown commercial district. This will be completed through the acquisition and/or renovation of three buildings on South Main Street.
The DED administers the Neighborhood Assistance Program that helps not-for-profit organizations raise private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects.
Businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed or up to 70 percent for projects located in most rural areas.
Not-for-profit organizations participating in the NAP program conduct capital campaigns or provide services in the areas of crime prevention, education, job training, physical revitalizations, or community services. The Neighborhood Assistance Program is utilized by not-for-profit organizations throughout Missouri to make their communities a more desirable place to live and work, as well as pave the way for economic development.