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Tax Credits Available for More Donors

SOMO is making 2018 MDFB tax credits available to any Missouri taxpayer who donates $1,000 or more to support the Training for Life Campus. But hurry -- you must act now -- these tax credits applications must be received in the MDFB office no later than Monday, December 31, 2018.

These tax credits represent a 50% tax credit for donations. Any Missouri taxpayer who donates $1,000 or more can get a 2018 tax credit of 50% which, combined with federal and state tax deductions, can reduce taxes even more.


Here's an example: With a donation of $2,000 to the Training for Life Campus capital campaign, here's what you can save, assuming a federal tax rate of 35% and state individual tax rate of 6%:

• Donation to benefit TLC - $2,000
• Missouri Tax Credit (50% of gift): - $1,000
• Federal Income Tax Deduction: - $ 700
• State Income Tax Deduction: - $ 120
• Adjustment in Fed/State Deduction: + $ 350

NET COST TO DONOR: $ 530



These MDFB tax credits are available now, and there are a few rules you must follow:

Step 1: Make your check payable to Missouri Development Finance Board (MDFB), not SOMO and not TLC. 
Please note "SOMO Training for Life Campus" in the memo line of your check.

Step 2: Notify SOMO that you intend to use the MDFB tax credits. We will help you streamline the process and ensure that your donation earns the tax credits.

Please mail, call or email your donation information or questions to:
SOMO, Attn: Laurie Shadoan
9001 W. 67th Street
Merriam, KS 66202


Call: 816-806-7787    Email: shadoan@somo.org

or Travis Bourbon at bourbon@somo.org or 816-678-9670.

Step 3: Complete the required Form 100 to mail with your MDFB check. Get it here, or call to request the form.

Step 4: Send completed form and your MDFB check to:
Missouri Development Finance Board
P.O. Box 567
200 Madison Street, Suite 1000
Jefferson City, MO 65102

Your completed form and check must be received in the MDFB office no later than Monday, December 31, 2018. 

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