The City of Boonville presented an application for $65,000 in tax credits to the Missouri Development Finance Board (MDFB) this past week. If successful, this will assist in securing donations for the Phase 1 rehabilitation of the Katy Bridge. The Katy Bridge Coalition will need to raise $130,000 to successfully complete the funding for Phase 1.
The Tax Credit program works by offering a 50 percent dollar-for-dollar tax credit for all donations collected. Donations can be made by anyone or any business who pays Missouri state taxes. For example, if an individual contributes $1000 through this program, the Katy Bridge Coalition utilizes the donation to reach their $130,000 fundraising goal and the donor will receive a $500 credit on their Missouri State taxes. This credit can be sold to others who have a Missouri tax liability and can be carried forward for several years to use the complete tax credit.
The final decision from the MDFB is not expected until mid-February, but the Katy Bridge Coalition believes this will greatly assist in their fundraising efforts. Donations through this tax credit program cannot be collected until the MDFB makes their final decision and all paperwork is completed. The City and Coalition will continue to provide updates on the status of our application.