Phase Two Tax Credits

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July 13th 2019 was the Official Park Dedication for Columbia’s Agriculture Park; we cut the ribbon on the middle portion of the MU Health Care Pavilion with hundreds of friends in attendance. This moment caps off a successful Phase One, ~30 month, Capital Campaign that raised over $4.1 million dollars from 625 donors. This effort secured funding for the first half of the park’s development. Items in Phase 1 include: middle third of MU Health Care Pavilion, all the site work, CCUA Barn /Greenhouse, 3+ acres of demonstration farm, one-room classroom, playground, parking, walking trail, and much more.

Public-Private-Partnership between Columbia Parks & Recreation, Columbia Center for Urban Agriculture, Columbia Farmers Market, and Sustainable Farms & Communities has driven this project. Further partner support from Community Foundation of Central Missouri, Columbia Public Schools, Boone County, Missouri Foundation for Health, MU Extension, The Food Bank, Daniel Boone Regional Library, and others has positioned the programming at the Park to phase in over the coming years.

PHASE TWO: The second half of Columbia’s Agriculture Park has three items estimated at $4.0 million. See included phasing map.

  • Expansion of MU Health Care Pavilion to East and West

  • Construction of a ~10,000 sq ft Event, Kitchen, Resource Center

  • 48 new parking spots

These items add significantly to the functionality of Columbia’s Agriculture Park. The Pavilion expansion will provide shade protection to all 98 vendor stalls. The Event, Kitchen, Resource Center will open up programming opportunities to provide hands-on learning for all age groups. A few programming highlights include: Commercial/Teaching Kitchen to support entrepreneurs, Farm-to-Table meals, kids cooking classes, and much more.

TAX CREDITS: On July 16th 2019 the Missouri Development Finance Board (MDFB) approved the City of Columbia’s request for $2 million dollars in 50% State Tax Credits to support Phase Two of Columbia’s Agriculture Park. Thus, $4 million of future donations to this project are eligible for 50% State Tax Credits. Continue reading for more information about making contributions to the project and receiving the tax credit benefits.

Please contact Campaign Director, Adam Saunders with any questions or inquiries about Columbia’s Agriculture Park or State Tax Credits. Adam@ColumbiaUrbanAg.org or 573-356-9392 (cell)

How do the Missouri Development Finance Board 50% State Tax Credits work?

Donations made to Phase Two of the Capital Campaign that meet certain criteria are eligible for a 50% credit to your state taxes. Thus, half of your donation is returned to you via reductions in your state taxes. This credit can be spread out over the next five tax years to offset your state taxes, or can be transferred to other people. In certain cases half of the donation may also be deducted from your taxable income for Federal Taxes. Additionally, marketable securities (i.e. stock/bonds/mutual funds) can be donated and in some cases capital gains taxes on this stock sale can be avoided entirely, further optimizing the potential tax benefits. Please consult with an accountant or tax professional to fully understand the tax implications of your gift.

Criteria/process to receive a Missouri State Tax Credit for your donation:

  • Donation must be in the form of cash or stock.

  • Donation value must be at least $5,000.

  • Donations exclusively support Phase Two of the Capital Campaign.

    • Sorry, tax credits are not intended to support payments of outstanding Phase One pledges.

  • Contact Campaign Director Adam Saunders for a copy of the FAQs, Form 100, and Instructions for donating stock. Adam@ColumbiaUrbanAg.org or 573-356-9392

  • Fill out “Form 100” and send donations to the “Missouri Development Finance Board” with “FBO: Columbia’s Agriculture Park” in the memo line (or in the notes section associated with the stock sale).

  • Contact Adam at the time of donation so we can update our records and recognize your gift.

Example:

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There is an FAQ document available from the Missouri Development Finance Board that provides insight and instruction on utilizing the tax credits and methods for donating via stock sale. Please contact Campaign Director Adam Saunders for a copy of the FAQs and for general inquiries about tax credits: Adam@ColumbiaUrbanAg.org or 573-356-9392.

To fully understand the tax implications of these tax credits, please consult with your CPA or wealth manager. Adam or other campaign staff would be happy to meet with you and your financial advisors to discuss a donation. There will be informational sessions about these credits and the project’s second phase planned for late this summer and fall (Dates/Locations TBD).

Many thanks for your interest in Columbia’s Agriculture Park! With your help we can finish phase two of this park in the very near future! We hope to see you at Columbia’s Agriculture Park soon!

Billy Polansky