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Senate Economic Development Committee Hears NAP and YOP Tax Credit Bills
This week, the Senate Economic Development and Tax Policy Committee heard SB 1179, sponsored by Sen. Andrew Koenig (R-Manchester), that would increase the state tax credit available under the Neighborhood Assistance (NAP) and Youth Opportunity (YOP) Programs from 50% to 70%. SB 1179 is the third bill addressing this issue that has received a hearing this session – no small task with over 2,500 bills filed and only a small portion getting a hearing.
These tax credits programs are vital to Catholic Charities, as they help us to raise funds to help make our ministries sustainable. Marygrove, our residential treatment foster care ministry, for example, relies upon these credits to raise the money needed to provide services for our residents. While the state has increased the reimbursement rates for the daily care of the residents of Marygrove in recent years, it still isn’t enough to cover our expenses.
There are other benevolent tax credits that already offer 70% state tax credits, so the NAP and YOP credits are at a competitive disadvantage at 50%.
With 2024 being an election year, there is lots of political theater going on in Jefferson City, particularly in the Missouri Senate where legislation is moving slowly. There is still time left in the session, and hopefully, things will begin moving faster after Spring Break. Stay tuned.
Deacon Tyler
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