The Ozarks Small Business Incubator (OzSBI) has been awarded $50,000 in 50% tax credits by the Missouri Department of Economic Development. Any individual or business with a Missouri tax liability is eligible to receive the 2016 tax credits by making a donation to OzSBI. Tax credits directly reduce the donor's state taxes by 50% of the donated amount, which is in addition to the standard state and federal charitable tax deductions.
Toney Aid, OzSBI’s CEO added “tax credits enable donors to make a contribution to OzSBI at a significantly reduced out-of-pocket cost, while investing in entrepreneurs who are growing our local ecomomy.” These credits allow you to redirect your tax dollars to a local nonprofit. Kevin and Kelly Gleghorn recently took advantage of the tax credit program. Kevin commented, “What I like about this program is that my tax dollars stay here, are invested here, and are managed by a local board of directors. I would much rather give my tax dollars to OzSBI than to Uncle Sam, with OzSBI I know they will have an impact in our area.” Kevin added that between the tax credits and tax deduction received, the program practically pays for itself.
Funds raised through tax credits will be used as matching funds for the renovation of the second floor. This year donors will get an extra bang for their buck. They may combine a donation for tax credits with a naming opportunity. The second floor has offices and common spaces available for naming for donations of $1000 up to $18,000. This is a wonderful way to honor an organization or memorialize a family member. A plaque will be permanently installed next to the designated space, leaving a lasting legacy in the business community for years to come.
Interested readers should contact Toney Aid at 255-8787 or Heather Fisher at 256-9724 take advantage of the tax credits. All donations must be received by December 31st to qualify for tax credits.