The West Virginia Community Advancement and Development Office recently announced that the Eastern West Virginia Community Foundation was allocated $23,200 in tax credits through the Neighborhood Investment Program (NIP). Qualifying gifts of at least $500 can be made to the Foundation to earn a 50% West Virginia income tax credit for the donor. Donors can receive a maximum of $2,000 in NIP tax credits for gifts of $4,000 or more.
Because these West Virginia NIP tax credits reduce the donors state tax liability, a $1,000 gift to the Community Foundation translates into an actual $500 out-of-pocket expense—and even less if donors itemize deductions on their federal tax return. Programs supported by NIP tax credits serve low-income residents in highly distressed neighborhoods and certain restrictions apply for contributions to be eligible.
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