Articles

Neighborhood Investment Program Credits Article

As the New Year begins everyone will spend some time thinking about what we owe Uncle Sam and the folks in Charleston.  Regardless of whether you own your own business, itemize your personal deductions or take the standard deduction almost all of us owe state taxes.  Fortunately, the state of West Virginia has made it possible for Believe in WV to help you reduce what you owe the State, through their Neighborhood Investment Program (NIP) state tax credits. 

The West Virginia Legislature has approved these NIP credits to help encourage giving to certain non-profit organizations.  Every year the WV Development Office accepts applications from non-profits wishing to receive the credits.  Each application is evaluated and credits are awarded based on their rank and nature of the request.  Each year there are more requests than credits available.  This program is a huge help to the organizations that receive the credits and to those who donate to them. 

Donors receive state tax credits equal to 50% of their donation, with a minimum of a $500 gift.  When combined with their normal federal deduction for charitable contributions, donors will receive between 75 – 85% of their donation back in tax reductions.  Believe in West Virginia can take the funds that we receive and can multiply them; by bringing in truckloads of items that can be given to those West Virginians who are in need.

The Development Office determined that our Storehouse West Virginia TM project would receive NIP credits again this year.  We were especially blessed to receive a larger number of credits than in years past, which means that we have the chance to significantly enhance the program, if we can find enough generous donors who are willing to help.  You can read more about the Storehouse in this newsletter and on our website, www.believeinwv.org.

Like most good things this is a limited time offer.  We must receive most of the NIP donations, or a pledge to give, by March 15, 2012.  If you would like to donate, or if you have questions, please contact our Executive Director.