Places for People has Youth Opportunity Program (YOP) Tax Credits to offer qualifying donors who make gifts of $1,000 or more. Missouri YOP tax credits can be taken in the tax year the donation is made or carried over the next five succeeding tax years. Our YOP program ends on December 31, 2019.
Who is eligible to take advantage of the YOP tax credit program?
All individuals, LLCs, partnerships, banks or corporations with Missouri tax liability that contribute at least $1,000 are eligible to apply for 50% state tax credit.
How do I take advantage of the YOP tax credit program?
- Make a donation of $1,000 or more to Places for People
- After the donation is made, Places for People will mail you the one-page tax application form to complete and the other documentation needed for the credit.
- Complete the one-page tax application form, enclose the additional documentation, have the tax form notarized, and mail it back to Places for People. Our development department will submit your tax forms to the state of Missouri for you.
- In 4 to 6 weeks, you should receive a letter from the Missouri Department of Economic Development stating that your tax credits are waiting for you to use them!
The following example is calculated based on a donor in the 32% tax bracket:
|Less 50% YOP Tax Credit||$500||$1,250||$2,500||$5,000|
|Less 32% Federal Itemized Deduction||$320||$800||$1,600||$3,200|
|Less 6% Missouri Itemized Deduction||$60||$150||$300||$600|
|Federal tax ADD due to YOP (32%)||$160||$400||$800||$1,600|
|Actual Cost of Contribution||$280||$700||$1,400||$2,800|