The Texas County Memorial Hospital Healthcare Foundation is making the last call for tax credits as the 2015 giving season comes to a close.
In July 2013, the Healthcare Foundation received $250,000 in tax credits from the Missouri Development Finance Board (MDFB) to benefit the Care for Your Future campaign to build a new surgery department at TCMH.
The 50% tax credits awarded by the MDFB will help the TCMH Healthcare Foundation raise an additional $500,000 for the building project. The Healthcare Foundation has until the end of the year to allocate all of the tax credits.
Because the tax credit program for the Healthcare Foundation will end this year, Jay Gentry, director of the Healthcare Foundation is trying to find businesses and individuals that need tax deductions before the end of the year or businesses and individuals that wish to offset their future tax liability.
“The tax credit program is another way for the Healthcare Foundation to provide a tax deduction for area businesses and individuals while adding to the healthcare infrastructure in our county,” Gentry explained.
Although the tax credits are a new fund raising tool for the Healthcare Foundation, Gentry confirmed that $96,500 in tax credits has already been allocated, which has raised $193,000 for the building project.
Tax credit eligible donations can be in the form of cash or marketable securities.
“The tax credits provide a unique opportunity for donors to receive the traditional federal income tax benefit as well as a Missouri tax credit,” Gentry said.
The tax credits can benefit individuals, estates, trusts and corporations that are subject to Missouri state income tax imposed under Chapter 143.
Gentry noted that depending upon a business or individuals’ tax bracket, a large donation could actually represent a small net donation cost to the donor.
The tax credits are transferable, too.
“The tax credits have a five-year carry forward provision,” Gentry said. “They can be used in one year, spread out over several years or saved to be used in a lump sum up to five years after the donation.”
The credits are also sellable and transferable. They must sell for no less than 75 percent or no more than 100 percent of their original value.
“The tax credits are sought by individuals and organizations from across the state, which is a great opportunity for the Healthcare Foundation,” Gentry said, explaining that some local businesses and individuals with state tax liability “jumped at the opportunity” for the tax credits.
“The tax credits are a great way for area residents to make a local impact with funds that would otherwise be owed in state taxes,” Gentry said.
Gentry explained that donors utilizing the tax credits will also be eligible for the naming opportunities available in the new construction.
In order to receive the donation credit for the 2015 tax year, the donation and MDFB paperwork must be completed and filed with MDFB by Thur., Dec. 31st.
“We are working hard to get the word out to those that might have a state tax liability for 2015, so they can make a difference with their tax dollars this year or by offsetting their tax liability in future years,” Gentry said. He has been working with accounting firms and tax advisors throughout Southern Missouri in an effort to inform others about the tax credits.
“This is another great opportunity for the Healthcare Foundation to take advantage of additional funds to benefit our county and healthcare in our community, so we want to try to take advantage of every dollar available,” Gentry said.
Additional information about the tax credits is available online at www.tcmhfoundation.org or by contacting Gentry at (417) 967-4202.
For additional information, contact:
Joleen Senter Durham, Director of Public Relations/Marketing
Texas County Memorial Hospital
Phone: 417/967-1258
Fax: 417/967-1291