1. What is the MFPTC?
The MFPTC incentivizes Missouri taxpayers to donate to their favorite food pantries each year. By making a donation, an individual, corporation, or trust can receive up to 50% of their gift back through a state tax credit. The maximum value of the credit is $2,500 for an individual or $5,000 if filing jointly. Not all nonprofits participate in the program so it is important to reach out and ask your favorite food insecurity agencies if they offer the credit.
2. Are there any exclusions to receiving the MFPTC?
Gifts-in-kind, stock donations, and gifts from Donor Advised Funds do not qualify for the credit. Only direct cash donations are eligible.
3. I made a cash donation to Food Outreach in 2022. What happens next?
All gifts received by year-end may be eligible for the credit. If you make a gift of $100 or more before December 31, 2022, you will automatically receive a tax form in the mail in February 2023. This form must be submitted with your state tax return by the filing deadline. If you are a Missouri resident and make a gift of less than $100, you can reach out to [email protected] after February 1, 2023, to request the MFPTC form be sent to you.
4. I plan to file an extension for my taxes in the coming year. Am I eligible for the MFPTC?
Unfortunately, the state is very strict on filing deadlines. You must file your Missouri taxes by April 18, 2023, in order to be eligible for the credit. If you file them later, you will be eligible to apply the tax credit to a future tax year.
5. Am I guaranteed the MFPTC?
The State of Missouri apportions $1,750,000 into the MFPTC program each year. MFPTC claims will be held by the Missouri Department of Revenue until after all returns received on April 18 have been processed to determine if the total amount claimed exceeds $1,750,000. If claims exceed $1,750,000, the Department will apportion credits in an equal ratio among all valid returns filed. Any remaining credit from an applicant can be applied to future tax years.
6. I have additional questions related to my specific tax situation. Can you help?
Food Outreach is grateful to be able to offer the MFPTC to our donors. However, we cannot give tax advice. Please reach out to your accountant or tax service with questions related to your specific financial situation. Additional information about the MFPTC can also be found here: dor.mo.gov. You may also call the Missouri Taxation Division at (573) 751-3220 or e-mail: [email protected]
If you have any other questions, please contact Justin Kralemann, Sr. Director of Development at [email protected] or call 314-652-3663 X 1117.