YOP Tax Credits : Available
St. Louis ArtWorks is proud to offer State of Missouri Youth Opportunities Program (YOP) Tax Credits to our contributors. Please specify that you would like to utilize these tax credits upon making your donation.
Youth Opportunities Program (YOP) Tax Credits
If you are liable for Missouri taxes (individuals and corporations) you could take advantage of St. Louis ArtWorks’ status as a YOP approved organization. The Missouri Department of Economic Development awarded YOP Tax credits to qualified organizations which broaden and strengthen opportunities for positive development and participation in community life for youth, and to discourage young people in our communities from engaging in criminal and violent behavior.
Missouri Taxpayers: St. Louis ArtWorks contributors receive 50% of their monetary contribution in tax credits to offset their Missouri state tax liability, with up to a five-year carry forward. The benefit also provides great impact as the contributor’s tax credits redirect tax dollars back into our community. *Note: Consult your tax advisor for further guidance on how these rules apply to you individually.
To learn more about YOP tax credit opportunities, please contact Priscilla Block, Executive Director, firstname.lastname@example.org or 314-899-9734.
Please follow these steps if you would like to apply for Missouri Tax Credits:
- Contact St. Louis ArtWorks - Call 314-899-9736 to see if tax credits are still available and receive an application.
- COPY THE CANCELED CHECK - Request a copy of the back of the check from your bank showing it has been canceled.
- NOTARIZE THE APPLICATION - Your application must be notarized before submitting for approval.
- FILL OUT & SIGN THE APPLICATION - Be sure to include your signature on the application.
- RETURN TO ST. LOUIS ARTWORKS - Mail the copy of your canceled check and notarized application to ArtWorks for submission to the Department of Economic Development: St. Louis ArtWorks, 5959 Delmar Blvd., St. Louis, MO 63112.
Frequently Asked Question from Donors
Q. Are stocks, bonds, or donated professional services eligible contributions?
A. Eligible contributions: Cash; Publicly-traded stocks and bonds (starting January 1, 2001); Materials, equipment, or property specifically used for the YOP project, and; Wages paid to youth in an approved apprenticeship/employment project. Ineligible contributions: Labor and professional services; Contributions to pay for fundraising activities; Used clothing, and Building funds.
Q. Which taxes can YOP tax credits be used to offset?
A. The tax credits can be used to offset state income tax due pursuant to: RSMo chapter 143- 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 express companies.
Q. How long does a donor have to submit the tax credit application into YOP before the donor must forfeit the tax credits?
A. Twelve months from the date of contribution (date on check).
Q. What is the turnaround time for processing tax credit applications?
A. Approximately 2 weeks. However, depending on the volume received from December 1- April 15, the turnaround time may be slower.
Q. What is the process to use YOP tax credits on the donor’s tax return?
A. The donor makes a contribution to an approved YOP project, submits Form CDTC-770 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.
Example: A contributor makes a $1,000 contribution to an approved YOP project.
- Total tax liability for tax year 20XX: $2,000
- Tax Credits: $500
- Adjusted tax liability amount: $1,500
*Note: Consult your tax advisor for further guidance on how these rules apply to you individually.
Q. How can the donor obtain the forms needed to claim the tax credits?
A. Form CDTC-770 Tax Credit Application can be obtained from the approved organization to which the donor made the contribution. To obtain the MO-TC form, contact the Missouri Department of Revenue at 800-877-6881 or download it from their website by clicking here.
Q. If there a maximum amount a donor can contribute for YOP tax credits?
A. 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 unless the projects are located in blighted or distressed areas of the state.
Q. If the donor does not have tax liability in the tax year the contribution is made, can the credits be used on subsequent tax returns?
A. Yes. The contributor has the tax year the contribution was given and five succeeding tax periods in which to use the credits.
Q. Are the tax credits sellable or transferable?