The Missouri Department of Economic Development has awarded Missouri State University and the efactory $80,000 in tax credits for donations received in the 2022 calendar year. Download the 2022 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 2022 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.
Naming opportunities arealso available. Interested individuals are encouraged to contact Allen Kunkel or Rachel Anderson for more information.