efactory awarded $100,000 in Missouri state tax credits
Individuals and businesses can earn a 50% tax credit on 2019 Missouri taxes when making a gift to the efactory
2019 tax credits
The Missouri Department of Economic Development has awarded Missouri State University and the efactory $100,000 in tax credits for donations received in the 2019 calendar year.
Download the 2019 Small Business Incubator Tax Credit packet to learn more.
How it works
Any individual or business with Missouri tax liability is eligible to receive the 2019 tax credits by making a donation to Missouri State University. This is a direct 50% credit off the individual or corporation’s Missouri state taxes.
For example, if a donor made a $10,000 donation to the efactory, the donor could receive a $5,000 direct credit against their state income tax after filing the appropriate paperwork. In addition to the state income tax credit, $5,000 may be taken as a charitable deduction against federal income tax, which would further reduce the actual cost of the donation.
The tax credits may be carried forward up to 5 years and applied to future tax liability.
The power of your gift
Private donations play a critical role in the ongoing operations of the efactory. The efactory’s 2019 Small Business Incubator Tax Credits allow individuals and businesses to show their support for entrepreneurship and innovation in southwest Missouri while also reducing tax liability.
“Building a strong network for startups and small businesses is essential to economic development,” Missouri Department of Economic Development Director Rob Dixon said. “We’re proud to support so many incubators through the Small Business Incubator program and appreciate all the work they do to drive entrepreneurship in Missouri.”
Previous gifts have paved the way for important building upgrades, necessary equipment purchases, the outfitting of conference and seminar rooms, and more.