ITEN Awarded $49,500 in Tax Credits from MO Department of Economic Development

August 29, 2019 – Individuals and businesses can earn a 50% tax credit on 2019 Missouri taxes when making a gift to ITEN. Donations must be received by Dec. 31, 2019.

2019 tax credits

The Missouri Department of Economic Development has awarded ITEN $49,500 in tax credits for donations received in the 2019 calendar year.

Download the 2019 Small Business Incubator Tax Credit packet to learn more.

Here’s How it works

Any individual or business with Missouri tax liability is eligible to receive the 2019 tax credits by making a donation to ITEN. This is a direct 50% credit off the individual or corporation’s Missouri state taxes.

For example, if a donor made a $10,000 donation to ITEN, the donor could receive a $5,000 direct credit against their state income tax after filing the appropriate paperwork. In addition to the state income tax credit, $5,000 may be taken as a charitable deduction against federal income tax, which would further reduce the actual cost of the donation.

The tax credits may be carried forward up to 5 years and applied to future tax liability.

Why your gift matters

Private donations play a critical role in the ongoing programming and services that ITEN supplies to tech entrepreneurs and the community. ITEN’s 2019 Small Business Incubator Tax Credits allow individuals and businesses to show their support for tech entrepreneurship and innovation in the St. Louis region while also reducing tax liability.

“Building a strong network for startups and small businesses is essential to economic development,” Missouri Department of Economic Development Director Rob Dixon said. “We’re proud to support so many incubators through the Small Business Incubator program and appreciate all the work they do to drive entrepreneurship in Missouri.”  

Your gifts can pave the way for entrepreneur programming and events on a variety of important topics, valuable mentoring and EIR services and on-line concept validation modules that are necessary for successful launch of new tech companies and more.

Please contact ITEN Executive Director, Mary Louise Helbig to learn more.

View the Missouri Department of Economic Development press release for the Small Business Incubator Tax Credit Awards.