SOMO has tax credits available to any Missouri taxpayer who donates $1,000 or more to support the Training for Life Campus.
These tax credits are available immediately through the Missouri Development Finance Board (MDFB), and represent a 50% tax credit for donations. (Your check and form must be received in the MDFB office no later than Monday, December 31, 2018.) Until now, these MDFB tax credits were only available to business and property owners. Now, any Missouri taxpayer can get a tax credit of 50% which, combined with federal and state tax deductions, can reduce taxes even more.
SOMO still needs to raise $500,000 to complete the Training for Life Campus campaign. Construction was completed in summer 2018 and Special Olympics Missouri took occupancy in August 2018. The building was dedicated on Nov. 1, 2018. Additional funds are still needed to complete the outdoor fields and provide sports equipment to the athletes.
There's still time for you to make a much bigger impact with your donation and get an unusually generous tax reduction.
You can also consider a Leadership Gift, or naming opportunity, which may help you seize the most tax credits possible while doing the most good for thousands of SOMO athletes.
The SOMO tax credits provide a 50% credit on 2018 state income taxes, as well as additional savings on federal income tax. The end result is that you can get more than 70% of your donation returned to you.
If you have any questions or would like assistance in making your donation and claiming your tax credits, please contact Laurie Shadoan at Special Olympics Missouri by calling (816) 806-7787 or emailing her at shadoan@somo.org.
Learn more about SOMO -- view our 2016 Annual Report.