Eligibility information and Frequently Asked Questions
What is YOP? YOP is the Missouri Youth Opportunities Program that offers tax credits to offset income tax liability for eligible contributions made to approved YOP projects. YOP rewards individuals, businesses and corporations for providing youth with opportunities for positive development and participation in community life.
How do you become eligible for tax credits? It’s as easy as 1-2-3
1. Make a contribution to College Bound of at least $1,000. (you will receive 50% of your donation in state tax credits).
2. Sign the one page application given to you by College Bound.
3. File the simple MO-TC form when filing your Missouri tax return (the necessary information is included in your Missouri Department of Economic Development approval notice).
Are stocks, bonds, or donated professional services eligible contributions? Eligible contributions include:
• Cash
• Stocks & Bonds
• Materials, equipment or property
• Wages paid to youth in an approved internship/apprenticeship/employment project
Ineligible contributions include:
• Labor and professional services
• Contributions to pay for fund raising activities
• Used clothing
How long do I have to submit the tax credit application into YOP before I must forfeit the tax credits?
You have 12 months from the date of contribution (the date on your check).
What is the turnaround time for processing tax credit applications? Approximately 2 weeks. However, depending on the volume received from December 1 – April 15, the turnaround time may be slower.
Is there a maximum amount I can contribute for YOP tax credits? Yes, you may receive no more than $200,000 in YOP tax credits in one tax year for contributions made to one or more YOP approved projects.
If I not have enough tax liability in the tax year the contribution is made, can the credits be used on subsequent tax returns?
Yes, the contribution has the tax year the contribution was given and five succeeding tax periods in which to use the credits.
Are the tax credits sellable or transferable? No.