Missouri Legislature Deciding on Charitable Tax Credits

5 years 8 months 1 week ago Monday, February 11 2013 Feb 11, 2013 Monday, February 11, 2013 9:43:00 PM CST February 11, 2013 in News
By: Eric Hilt
loading

JEFFERSON CITY - A bill looking to extend charitable tax credits is currently working its way through the Missouri State legislature. The credits allow people who donate to charities to receive deductions on their taxes. The bill would keep the tax credits until 2019. The bill would also reinstate tax credits for food pantry donations that expired last August.

Director of development at the Food Bank of Central and Northeast Missouri Bobbie Kincade said the expiration of the credits has already concerned some donors. 

"We have received calls from our donors who are interested in receiving the tax credit because it's an incentive for them," Kincade said. Kincade said that about 70 percent of the food bank's funding comes from donations. 

H&R Block tax professional and University of Missouri professor Carol Martin said the majority of the people eligible for the credits have claimed them in the past.

"There are a good amount of clients who can claim charitable contributions, and I'd say an overwhelming percentage of them do," Martin said. But even though most people try to claim the credits, Martin said if they aren't extended the impact won't be huge. Tax payers will still be able to claim the federal deductions for charitable donations, just not the state ones that have been offered in the past. 

"These are still deductible on your federal tax returns, but simply not the additional tax credit that the sate of Missouri gave last year," Martin said.  

Even though the impact of losing the credits won't be devastating, Kincade said every incentive for giving makes a difference.

"Donors will get it as a tax credit and then it helps the recipients who we're able to buy more food for," Kincade said.  

The current bill would extend tax credits for donations to pregnancy resource centers and child crisis nurseries as well. There was an effort by some lawmakers to remove the extension to pregnancy resource centers, but it failed.

The bill was passed by the Missouri House of Representatives and is waiting approval by the state senate. The tax breaks are estimated to cost the state about $3 million dollars a year.

 

 

More News

Grid
List
COLUMBIA - Following ground-breaking MU research that successfully genetically edits pigs to be virus-resistant to a deadly disease, one Fulton... More >>
4 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 7:21:00 PM CDT October 23, 2018 in News
JEFFERSON CITY - John Kalina, 63, was a First Student bus driver whose absence has made a whole community come... More >>
5 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 6:19:00 PM CDT October 23, 2018 in News
MOBERLY - City council and community members met with research firm Destination Services to survey residents on what it would... More >>
7 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 3:58:00 PM CDT October 23, 2018 in News
FULTON – A Southern Boone County High School assistant football coach has turned himself in for enticement of a minor,... More >>
7 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 3:55:00 PM CDT October 23, 2018 in News
FULTON - The nurse hired to look after Carl DeBrodie, a disabled man who was found encased in concrete... More >>
8 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:41:00 PM CDT October 23, 2018 in Continuous News
WASHINGTON, D.C. - A complaint filed Tuesday with the Federal Election Commission accused Josh Hawley's Senate campaign and the National... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:27:00 PM CDT October 23, 2018 in News
JEFFERSON CITY - Environmental activist groups Sierra Club and Earth Justice are in court this week saying electric utility Ameren... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:21:00 PM CDT October 23, 2018 in News
COLE COUNTY - A Cole County couple faces felony child abuse and endangering the welfare of a child charges Tuesday... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:44:00 PM CDT October 23, 2018 in News
COLUMBIA - A Cole County circuit judge ruled Tuesday the state's Voter ID law applies to both state and county... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:24:00 PM CDT October 23, 2018 in News
MACON - A Macon Police Officer was knocked unconscious while approaching a suspect Monday night. According to a news... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:03:00 PM CDT October 23, 2018 in News
FULTON - The Fulton Police Department WAS actively trying to identify a suspect Tuesday who used counterfeit $100 bills at... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 12:46:00 PM CDT October 23, 2018 in News
COLUMBIA - The man who killed a teacher after crashing into a Harrisburg school bus is appealing his 22 year... More >>
11 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 12:19:00 PM CDT October 23, 2018 in News
(CNN) -- One company is doubling the shelf-life of avocados, citrus and other produce by taking a chemical-free cue from... More >>
12 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 11:39:46 AM CDT October 23, 2018 in News
COLORADO SPRINGS, Colo. (AP) — The Air Force says a Missouri-based B2 stealth bomber landed in Colorado Springs after an... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 10:34:00 AM CDT October 23, 2018 in News
COLUMBIA - Mediacom Communications confirmed to KOMU 8 there are outages affecting all services across Columbia. A Mediacom operator... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 10:02:00 AM CDT October 23, 2018 in News
(CNN) -- A new startup called Tap has a bold ambition: convince people to stop buying plastic bottles of water.... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 9:51:12 AM CDT October 23, 2018 in News
BOONVILLE - Six soccer fields, five turf fields and one natural grass championship field are on the verge of completion... More >>
14 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 8:55:00 AM CDT October 23, 2018 in News
INDEPENDENCE (AP) — The mother of an Independence man who was fatally shot by police last year is suing the... More >>
15 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 8:13:59 AM CDT October 23, 2018 in News
Columbia, MO
Broken Clouds 44°
12am 43°
1am 42°
2am 41°
3am 40°