The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri's businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life.
The Family Development Account Tax Credit Program offers a financial mechanism to community-based organizations for administering projects aimed at assisting low-income residents through matched savings programs. These savings initiatives are intended to support families in affording education, purchasing homes, making home improvements, or establishing small businesses. Eligible for several tax categories, the program sets a funding ceiling of $300,000 per fiscal year, with individual projects possibly receiving up to $100,000 in 50% tax credits. This endeavor prioritizes an open, first-received, first-awarded application process until designated funds are depleted or until the deadline of April 30, 2024.