Are you a nonprofit organization in Monroe, LA looking for ways to fund your activities? If so, you may be eligible for a variety of tax incentives that can help you achieve your goals. Quality jobs, the business zone, and industrial tax exemption are just a few of the incentives available. In this article, we'll explore the different tax incentives available to nonprofit organizations in Monroe, LA. We'll discuss the documents required to apply for these incentives, as well as the eligibility criteria for each one.
We'll also provide an overview of the competitive grant program available to support economic development activities in the Mississippi River Delta region. Finally, we'll explain how to take advantage of the 20% state business tax credit created by Louisiana Legislature to encourage remodeling of historic buildings.
Quality Jobs- Quality jobs require a partnership between a local government entity and a nonprofit organization, one of which must be a cultural organization; and they must participate in partnership with other sectors such as agriculture and food, economic development, education and youth, environment and energy, health, housing, public safety, transportation, and workforce development.
Business Zone- If the company providing the support is a non-profit organization, the tax credit must be included in the corporate income and franchise tax return, Form CIFT-620, Schedule RC.
Industrial Tax Exemption - If the child care center is owned by a nonprofit organization, the tax credit will be included in the corporate income and franchise tax return, Form CIFT-620, Schedule RC. These credits allow tax exemptions for families, child care providers, day care directors and staff, and companies that support child care in an effort to encourage child care centers to voluntarily participate in the Quality Start Child Care Rating System administered by the Louisiana Department of Education (LDE).
Competitive Grant Program- A competitive grant program is also available to support economic development activities by investing in basic public infrastructure, transportation infrastructure, workforce development, small business development, and business projects in the 252 counties and parishes of the eight states of the Mississippi River Delta region. This includes parts of Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.
Child Care Provider Tax Credit - Day care directors and eligible staff are eligible to receive a refundable tax credit if they work for at least six months at an authorized child care center that participates in the quality rating system and are enrolled in the Louisiana Pathways Child Care Professional Development System. Corporate Income Tax Credits or Franchise Tax Credits can also be requested on the corporate income and franchise tax return (Form CIFT-620) if the company making the donation is a corporation.
West Monroe City Downtown Master Plan- To implement and maintain projects identified in the downtown master plan of West Monroe City, some local funding must be allocated each fiscal year to ensure proper deployment of resources. Additionally, child care providers who own and manage a facility where care is provided to foster children in the custody of DCFS or to children who participate in the Child Care Assistance Program administered by LDE are eligible for a refundable tax credit for child care providers who are prepared for school.
20% State Business Tax Credit - Finally, there is also a 20% state business tax credit created by Louisiana Legislature to encourage remodeling of historic buildings that generate revenue in development districts of central Louisiana. In conclusion, there are many tax incentives available to help fund your nonprofit organization's activities in Monroe LA. Be sure to research all available options to find out which ones you qualify for.