Advantage Missouri Credit Program

Purpose

• Provides a tax credit to individuals and corporations who make a contribution to the Advantage Missouri Trust Fund.

Eligible Applicants

• Any taxpayer or corporation that makes a contribution to the Advantage Missouri Trust Fund may be allowed a credit against individual or corporate income taxes.

How the Program Works

• Any taxpayer or corporation may be allowed a tax credit up to 50 percent of the total amount contributed to the fund, not to exceed $100,000 per taxpayer.

Eligible Use of Tax Credit

• If the amount of the tax credit exceeds the total tax liability for the year the tax credit is claimed, the amount that exceeds the state tax liability may be carried forward as credit for the succeeding ten years, or until the full credit is used, whichever occurs first. This credit is a nonrefundable credit.

Procedures to Claim the Credit

• A copy of the Advantage Missouri Program application, which has been approved by Missouri Higher Education Savings Program (MOSTARS), must be attached with the individual income tax return or corporation income tax return for the year the credit is being claimed, along with a completed Form MO-TC.

Authorization

• This tax credit may be applied to the taxpayer's corporation income tax, or individual income tax return, or any other tax incurred under the provisions of Chapter 143, RSMo excluding state withholding tax.

Forms

• Form MO-TC, Miscellaneous Tax Credits
• Individual Income Tax Forms
• Business Tax Forms

Contact Missouri Department of Revenue, Taxation Division:

• Email: taxcredit@dor.mo.gov
• Phone: 573-522-6864 (for individual tax) 573-751-4541 (for business tax)