Receive Tax Benefits While Supporting Children with Special Needs
Variety St. Louis has been awarded Youth Opportunities Program (YOP) tax credits by the Missouri Department of Economic Development. Taking advantage of Missouri YOP tax credits while supporting Variety Kids is a win-win!
Individuals or businesses with Missouri income who contribute $1,000 – $20,000 to Variety Adventure Camp may be eligible for YOP credits, equal to 50% of your donation.
How to Access YOP Tax Credits
1. Contact Brett Schott at Brett@VarietySTL.org or 314-720-7707 to check availability of tax credits and declare your intention to make a contribution.
2. Once the eligible donation has been made, Variety will send the donor the one-page Missouri DED Application for Claiming Tax Credits (MO Form CDTC-770). The application must be signed in the presence of a Notary Public and returned to Variety.
3. Variety will endorse the application and forward it to the State. The tax credit application must be submitted to the State within twelve months of the date of YOP contribution (date on the check) to submit.
4. Upon receipt of the complete application, the Missouri Department of Economic Development will issue a certification (MO-TC form) within approximately four weeks (six weeks during tax season).
5. The donor may then file their tax return using the MO-TC form, with YOP tax credits applied to the Missouri income tax liability for that tax period.
This information is not intended to give tax advice. Please consult with your tax professional about your specific tax questions.
Who is eligible to receive tax credits? YOP credits are available to any individual or business with a Missouri tax liability.
What kind of donations are eligible? Gifts of stock or cash/monetary donations are accepted. The donation may not originate from a tax-exempt trust or foundation.
What size gift qualifies for YOP tax credits? Gifts towards Variety Adventure Camp of $1,000 – $20,000 are eligible for 50% credits.
When do donations need to be made to be eligible for YOP tax credits? Contributions must be made between April 1, 2022 and March 31, 2024.
How do I apply? Individuals or businesses that donate $1,000 – $20,000 to Variety Adventure Camp must complete a tax credit application. Donors are required to provide proof of their donation with their signed and notarized application within twelve months of the donation. For a donation by check, write “YOP” in the memo line; for an online donation, write “YOP” in the “Comment” field; for a stock donation, contact Brett T. Schott at Brett@VarietySTL.org or 314-720-7707 prior to transfer.
*YOP Credits are not guaranteed. We strongly encourage donors contact Variety to confirm availability of credits.
When may the credits be claimed? The credit may first be claimed on taxes due for the year the contribution was made, and extends for four additional tax years. The tax credit is only to be claimed on taxes due for that period, and any credit not claimed in that time will automatically be forfeited. The credit may not be used to offset taxes due for periods prior to the year of contribution.
May credits be transferred or sold? No, tax credits are not transferable or sellable.
Am I guaranteed YOP credits? Tax credits are limited and will be distributed on a first-come, first-served basis.
Please contact Brett T. Schott, Chief Development Officer, at Brett@VarietySTL.org or (314) 720-7707 for more information.