Physicians and Staff are Working Together to Keep Patient Services Local
November 29, 2013TCMH Holds Annual Employee Celebration
December 13, 2013The Texas County Memorial Hospital Healthcare Foundation has been rounding up donations of a different sort as the 2013 giving season comes to a close.
In July of this year, 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 tornado safe room and surgery department at TCMH.
The Healthcare Foundation can raise an additional $500,000 for the building project with the fifty-percent tax credits awarded by the MDFB. The Healthcare Foundation has until December 2014 to allocate all of the tax credits, but Jay Gentry, director of the Healthcare Foundation is trying to find businesses and individuals that need tax deductions by the end of this year.
“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 $44,750 in tax credits has already been allocated, which will raise $89,500 for the building project.
“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 transferrable, 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 transferrable. 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 2013 tax year, the donation and MDFB paperwork must be completed and filed with MDFB by Tues., Dec. 31st.
“We are working hard to get the word out to those that might have a state tax liability for 2013, so they can make a difference with their tax dollars this year,” 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.