Are stocks, bonds, of donated professional services eligible contributions?

Eligible Contributions:

• Cash,

• Stock and bonds (starting January 1, 2001),

• Materials, equipment, or property specifically used for the YOP project

Ineligible Contributions:

• Labor and professional services,

• Contributions to pay for fund raising activities, and

• Used clothing.

Which taxes can YOP tax credits be used to offset?

The tax credits con by used to offset state income tax due pursuant to:

• RSMo chapter 143-corporate and individual state income tax, excluding withholding tax imposed by sections 143.191 to 143.265;

• RSMo chapter 147-corporate franchise tax;

• RSMo chapter 148-gross premium receipts tax of insurance companies and tax of banks and other financial institutions; or

• RSMo chapter 153-gross receipts tax of receipts tax of express companies.

How long does a donor have to submit the tax credit application into YOP before the donor must forfeit to tax credits?

Twelve months from the date of contribution (date of the check.)

What is the turnaround time for processing tax credit applications?

Approximately 2 weeks. However, depending on the volume received from December 1-April 15, the turnaround time may be slower.

What is the process to use YOP tax credits on the donor's tax return?

The donor makes a contribution to an approved YOP project, submits Form 134-460 with the required documentation, and receives a certification from the Department of Economic Development. The taxpayer may then file their tax return at the end of their tax year, using the MO-TC form. The tax credits are applied to their total tax liability incurred for that tax period. For example, a contributor makes a $1,000 contribution to an approved YOP project:

How can the donor obtain the forms needed to claim the tax credits?

Form 135-460 Tax Credit Application can be obtained from the approved organization to which the donor made the contribution, To obtain the MO-TC form, click here, or contact the Missouri Department of of Revenue at 800-877-6881.

Is there a maximum amount a donor can contribute for YOP tax credits?

Yes. A donor may receive no more than $200,000 in YOP tax credits in one tax year for contributions made to one or more YOP approved projects.

If the donor does not have enough tax liability in the year the contribution is made, can the credits be used on subsequent tax returns?

Yes. A donor contributor has the tax year the contribution was given and five succeeding tax periods in which to use the credits.

Are the tax credits sellable or transferable?

No

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