Missouri State Tax Credit Program
Missouri Domestic Violence Shelter Tax Credits
Did you know the state of Missouri has a tax credit program where you can get up to 70% of a tax credit on your qualifying donation?
If you’re looking to reduce your Missouri tax liability, you should consider making a donation to Hope House. Donations to Hope House of $100 or more qualify for the Missouri Domestic Violence Tax Credit Program. As of July 1, 2022, the Missouri Department of Social Services offers the Missouri Domestic Violence Tax Credit to individuals, corporations, partnerships, S-Corporations, and LLC’s making donations to Hope House as a qualified Domestic Violence Shelter. The tax credit may be the equivalent of 70% of the value of your qualified donation and you may qualify for federal tax deductions on the difference.
Tax credit versus a tax deduction
Credits are more impactful to your tax bill because they directly reduce the amount owed in taxes. Deductions also reduce your tax bill, but they do so indirectly by reducing the amount of income that will be taxed.
Sample Donation Example
Donation Amount = $1,000
70% Missouri Tax Credit = $700
Net Out of Pocket= $300*
*You may qualify for additional federal tax deductions on the difference. See your tax professional for more details .
Hope House Donor Testimonial
Hope House Board Member, TJ Dunavant, recently shared how the Missouri tax credits allowed him to contribute to Hope House and his wife’s retirement, creating a win-win-win for his family:
My wife and I have been involved with Hope House for years either through board positions or as a donor. We would give to Hope House regardless of if there was a “what’s in it for us” component but one of the benefits revolves around the tax credits in addition to supporting a great organization.
My wife and I contribute to our 401(k) retirement plans at work, but when she switched jobs, her new firm no longer offered a retirement plan. Since they do not offer a 401(k), our taxable income is much higher given, we don’t have the 401(k) contribution deduction we had historically benefitted from in the past. We had to develop a new savings strategy and opened a Traditional IRA for her. By contributing to Hope House annually, we geta refund from the state of Missouri. Our Hope House donation lowers our adjusted gross income (AGI), thus paying less taxes. We utilize that refund to fund her Traditional IRA. The refund we get from the state (via tax credits) allows us to take those monies and fund her Traditional IRA which minimizes our true “cash output” thus putting more money into our bank account. Instead of donating $10,000 to Hope House and another $6,500 to her Traditional IRA for a total of $16,500 in true cash out of our account, we can simply donate $10,000to Hope House and still be able to fund the $6,500 to her Traditional IRA when we get our refund. Given the tax credit, we can still contribute to Hope House, fund the IRA, and know that our contributions to Hope House are saving lives! It’s a Win-Win-Win situation for us!
Frequently Asked Questions
Are businesses eligible for tax credits?
Yes, tax credits are available to both individuals and businesses whole file Missouri State taxes.
What is the maximum amount of tax credits I can receive in a taxable year?
The maximum amount of tax credits may not exceed $50,000 Tax credits that cannot be claimed in the taxable year the contribution was made, may be carried over only for the next succeeding tax year.
For example, a 2024 donation of $75,000 x 70% tax credit = $52,500. $50,000 tax credit may be applied in tax year contribution was made, $2500 may be carried forward to 2025 tax year. Consult your tax professional for more details.
Is there a limit to how many tax credits Hope House can give out?
No! There is no longer a limit to the number of tax credit applications we can accept, meaning we have an unlimited number of tax credits!
How to Take Advantage of the Tax Credit
1. Donate minimum of $100 to Hope House viathe online donation form, check, or call in with a credit card. In kind gifts are not eligible to receive Tax Credits, only monetary donations are eligible.
2. Complete Missouri Domestic Violence Shelter Tax Credit Program Form & Sign
3. Mail donation receipt and form to Hope House at PO Box 577, Lee's Summit, MO 64063
Once the application is received, Hope House verifies the all the information is correct, then signs and submits to the State with appropriate documentation. You will receive a copy of your application and all additional materials that were submitted for your records. Within 4-6 weeks you receive your tax credit certificate from the Department of Social Services. Please contact Rachel Walter at rwalter@hopehouse.netwith any questions.
For more information on tax credits please click here or visit the Missouri Department of Social Services website.
Your donation, big or small, has the power to change lives. Hope House relies on the generosity of supporters to achieve its mission of providing safety and support for survivors of domestic violence and their families. Make your donation today at www.hopehouse.net
Note: We encourage all current and potential donors to consult their tax advisor for more detailed information.
¹ https://dss.mo.gov/dfas/taxcredit/dvtaxcredit.htm
Together we can build a brighter future.
Domestic violence can happen to anyone, no matter their gender, age, race, ethnicity, religion, or sexuality. Hope House advocates for survivors, no matter where they are in their journey. Join us in creating a brighter tomorrow for survivors.
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24/7 Hotline 816-461-HOPE (4673)
PO Box 577
Lee's Summit, MO 64063