The West Virginia Neighborhood Investment Program recently announced that the Eastern West Virginia Community Foundation was allocated $29,000 in 2021 NIP Tax Credits. Qualifying gifts of $500 to $4,000 can be made to the Foundation to earn a 50% West Virginia income tax credit for the donor.
Because the West Virginia tax credits actually reduce your 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. Donors are encouraged to call the Community Foundation office at (304) 264-0353 for more information and to reserve NIP tax credits.
The West Virginia Legislature sets aside $3 million annually in NIP tax credits to help nonprofit organizations that are serving distressed neighborhoods and at-risk populations. Donors may use the credits to reduce liability for West Virginia Personal Income Tax or Corporate Net Income Tax by up to 50% annually and have five years to use the tax credits.
“Tax credits can help donors make sizable gifts that will benefit our community this year, and forever,” says Michael Whalton, executive director of the Eastern West Virginia Community Foundation. “These NIP eligible gifts will support our Community Impact Funds in the five counties we serve – Berkeley, Jefferson, Morgan, Hampshire, and Hardy – as well as other endowed funds that address critical needs in our communities.”
The Eastern West Virginia Community Foundation was founded in 1995 to work with local donors to build permanent community endowment. Funds are invested and grants and scholarships are awarded from the annual gains. Individuals or businesses interested in donating can call (304) 264-0353 to reserve NIP credits and discuss how their gift will be used to benefit local charities. Credits will be awarded on a first-come, first-served basis.
It provides financial stewardship for more than 250 endowed funds, holds over $30 million in assets, and distributes nearly $1 million in annual grants and scholarships to local nonprofit organizations and college-bound students. For information about the Community Foundation visit www.EWVCF.org or call 304-264-0353.