JEFFERSON CITY – Today, upon tax season culminating and “MOScholars Day” coming up this Thursday, State Treasurer Malek had the following statement:
“This Thursday at the State Capitol, my office will be celebrating what I’m calling “MOScholars Day”. As we do so, I want to point out that as Missourians finish tax season, next year, they can reduce their state income taxes by donating to education assistance organizations, up to half of their tax bill.”
- MOScholars is a recently established program, which allows Missouri taxpayers to reduce their state income tax bill by supporting education.
- A MOScholars tax credit is equal to 100% of an eligible donation, not to exceed 50% of the donor’s state tax liability for the tax year the credit is claimed.
- For example: if someone owes the State of Missouri $1,000 in income taxes, they could utilize the MOScholars tax credit to reduce that amount by up to 50% ($500) by making a donation to one of six educational assistance organizations.
- That $500 donation would provide the taxpayer with a $500 tax credit. The tax credit could be used to offset their Missouri tax liability under RSMO sections 143 and 153.
Malek added, “With inflation and the cost of gas and groceries on the rise, it’s important working Missourians know that tax relief is available.”
To learn about MO Scholars, go to https://treasurer.mo.gov/MOScholars/. To make a MO Scholars tax credit reservation, go to https://treasurer.mo.gov/MOScholars/ReservationApp.