Food banks approved for tax-credit program

The Missouri Department of Economic Development has approved five Missouri food banks, including Southeast Missouri Food Bank, for $1,090,747 in tax credits under the Neighborhood Assistance Program. The money will be divided among them.

The program helps not-for-profit groups raise private-sector funds by providing partial state tax credits to businesses that contribute to approved community improvement projects. Southeast Missouri Food Bank in Sikeston, Missouri, has been approved for $125,000, according to a news release.

Food bank chief development officer Kate Struttman said the funding will be used for a 24-foot refrigerated truck, including upkeep and insurance. The truck will help the food bank offer wider distribution.

Under the program, businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed, or up to 70 percent for projects in the most rural areas.

Not-for-profit organizations participating in the Neighborhood Assistance Program conduct capital campaigns or provide services in the areas of crime prevention, education, job training, physical revitalizations or community services.