Act Now to Lower your 2021 Taxes & Support Columbia’s Agriculture Park.

The Build This Town: Campaign for the Agriculture Park has secured 50% State Tax Credits to help you lower your tax burden. Keep your tax dollars in Columbia and support the newest public-private gem of the Columbia Parks system, Columbia’s Agriculture Park. Here’s a quick demonstration:

 Assume an estimated 2021 State Tax bill of $25,000. If you contribute $50,000 to the Ag Park project through the Missouri Development Finance Board: www.MDFB.org

 You receive $25,000 in State Tax Credits and eliminate what you would owe to the state in 2021. With these credits, your net out-of-pocket for the donation is the same as you would have paid to the State in taxes and you invest all the money in the Agriculture Park.

 If you itemize your federal and state taxes, you can also claim $25,000 of your contribution as a deduction on your 2021 taxes, saving both federal and state tax. Assuming you’re in the highest tax bracket, this would lower your combined federal and state taxes by $10,600. The net cost of the donation after tax credits and deductions would only be $14,400 in this scenario.

 Another option is to make this $50,000 contribution with appreciated stock. Donating appreciated stock avoids the capital gains tax associated with the sale. You can get the state tax credit and the $25,000 donation as long as the stock was held for more than one year.

 Bottom line: These Missouri state tax credits greatly reduce the cost of making a donation to the Ag Park and direct your tax dollars to this unique project. Please consult with your tax advisor about your specific tax situation and how these credits and deductions affect your taxes.

YOUR NEXT STEP:

We’re encouraging local businesses and professionals to contact their tax advisor to inquire about estimated state taxes for 2021. If the sum of your state tax bills over the next five years is greater than $2,500, you can take full advantage of these credits.                                            

To learn more about the credits, naming recognition at the Ag Park, and all the recent progress at the park please call or email Adam Saunders, Campaign Director. 573-356-9392 or Adam@ColumbiaUrbanAg.org

Please act now as these credits are limited and are only available first-come first-served. A growing number of local businesses and individuals are taking advantage of these credits this tax year. You can add your name or business name to this growing list and help Columbia’s Agriculture Park continue to grow!

Columbia’s Agriculture Park and all its partners thank you for your support and look forward to seeing you at the park soon!  Please reach out if you have any questions and go to www.BuildThisTown.org to learn more about the project and watch the fly-through video.

Adam Saunders, Campaign Director

573-356-9392  Adam@ColumbiaUrbanAg.org

P.S. Again, please consult your tax advisor about your specific tax situation and how these credits and deductions would affect your taxes.