The Missouri Department of Revenue reminds Missourians who are looking for end-of-the-year tax breaks that donations to many food pantries qualify for the Missouri Food Pantry Tax Credit, which was passed by the Legislature in 2007.
“If you give a donation, and that can be either food or cash, to a qualified food pantry the donor can get a 50 percent tax credit on either their individual income tax or if they’re a business on their corporate income tax,” said Department of Revenue Communications Director Ted Farnen in an interview with the Missourinet.
Despite the tough times Missourians are giving, and most of the donations have been made by individuals.
“The average donation has been pretty large,” said Farnen. “The average donation has been about $860 – and that’s for an average tax credit of about $430.”
It is important to make clear that the tax credit is targeted not to food banks, but to food pantries, which distribute food. And, the Department of Revenue has information, on its website, regarding pantries that qualify for the credit. Farnen adds proof of a contribution having been made is required.
“When you make your donation there’s a form that you have to have – the Missouri FPT Form,” said Farnen. “And someone from the food pantry has to sign it to make sure that the donation was made and that it was to an eligible entity.”
There is a cap on the amount of the tax credit – $2,500 – which would require a donation of $5,000.