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A Look At Missouri Tax Credits Passed Into Legislation

By Chris Channing

Missouri is the gateway to The West- and also home of many helpful laws to aid every consumer and business owner who resides within its boundaries. If you aren’t aware of these tax credits, you won’t be able to apply- so educate yourself now to save money.

Do you have children? You can apply for the Child Tax Credit if you do. This tax credit was passed into law to help families feed, clothe, and educate their children according to state standards. While it’s not much at $1,000 per child, it’s at least a great deal of help for poor families that need the money. The child must be a dependent, is an eligible citizen, and lives in the household.

Families need all the help they can get- especially those with low income. A low income household can apply for the Earned Income Tax Credit, which is given to a family if they are within a certain income bracket. Those in the lower rungs of the bracket will get more in total, while those earning more will get a little less come tax season.

Children that have special needs are hard to find a good home when they are in adoption centers. This is partly because it is very expensive to take care of some special needs. The Missouri tax credit known as ATC gives up to $10,000 for a family to take on a special needs child. This tax credit may not be renewed, so it is a one-time bonus to aid in finances.

There has been much legislation regarding green energy and alternative fuel. In an effort to promote such technologies, Missouri released the Alternative Fuel Infrastructure Tax Credit bill that gives a business incentive to use alternative fuels. The costs of implementing the system will result in major tax deductions for the business. It can count towards construction costs, equipment costs, and even the costs of purchasing land for the project.

Distressed communities should not be a lost cause, as the Missouri legislators say. Tax credits are being introduced to help out communities in blight. The Rebuilding Communities Tax Credit was the plan introduced to circumvent the problems that come with distressed communities. In short, a business that relocates to a certain area as stated in the bill will get a tax credit to compensate for the move. Specific rates and compensation are determined by different qualifying factors.

Final Thoughts

There are large numbers of tax credits available. Many of them you might never heard of, so it’s best to consult an account, a tax credit specialist, or consult the Missouri state website yourself. From the family to the business, tax credits exist for nearly role and purpose for immediate relief.

Learn more on sell Missouri tax credits and Federal tax credit broker.

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Article Citation
MLA Style Citation:
Channing, Chris "A Look At Missouri Tax Credits Passed Into Legislation." A Look At Missouri Tax Credits Passed Into Legislation. 10 Jul. 2010. uberarticles.com. 21 Oct 2014 <http://uberarticles.com/finance/taxes/a-look-at-missouri-tax-credits-passed-into-legislation/>.

APA Style Citation:
Channing, C (2010, July 10). A Look At Missouri Tax Credits Passed Into Legislation. Retrieved October 21, 2014, from http://uberarticles.com/finance/taxes/a-look-at-missouri-tax-credits-passed-into-legislation/

Chicago Style Citation:
Channing, Chris "A Look At Missouri Tax Credits Passed Into Legislation" uberarticles.com. http://uberarticles.com/finance/taxes/a-look-at-missouri-tax-credits-passed-into-legislation/


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