Food Bank Receives $250,000 in Tax Credits
COLUMBIA - The Missouri Department of Economic Development notified The Food Bank for Central and Northeast Missouri Friday it will receive $250,000 in Neighborhood Assistance Program tax credits.
The Missouri Department of Economic Development allows non-profit organizations to apply for the Neighborhood Assistance Program tax credits. The organizations that receive the credits can then solicit various donors which will receive tax deductions as well as 50 percent tax credits that can be applied to the Financial Institutions Tax they have to pay to the state.
The $250,000 in 50 percent tax credits will allow the food bank to receive up to $500,000 from possible donors.
Peggy Kirkpatrick, executive director for The Food Bank for Central and Northeast Missouri, said the incentive for a tax credit will increase donations, and therefore allow the food bank to distribute more food to needy families.
"When you stop and think that with one dollar we can acquire 15 pounds of food, you can do the math on that and see how much food we can get," said Kirkpatrick.
Scott Gordon, communications coordinator for the food bank, said the grant is not guaranteed every year, but it received a similar amount of tax credits in 2012. Donors took up the tax credits in two weeks.