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Neighborhood Assistance Program (Tax Credits)
WHAT IS THE NEIGHBORHOOD ASSISTANCE PROGRAM?
The Neighborhood Assistance Program (NAP) provides state income tax
credits as incentives for individuals and businesses to contribute
directly to approved nonprofit organizations who serve the impoverished.
Contributions may be in the form of cash, goods, stock, real estate,
professional services, contracting services and rent/lease of space.
In 1981, Virginia's General Assembly created the program to provide tax
incentives to individuals and businesses to encourage participation in
helping to alleviate poverty.
HOW DOES NAP WORK?
An individual contributing to an approved NAP organization may receive a
state tax credit of 45 percent of their cash donation. No tax credit
will be issued for contributions of less than $500 (minimum) or in
excess of $50,000.00 (maximum) per tax return, per taxable year. Tax
credits not usable by the individual for the period of contribution may
be carried over the extent usable for the next five succeeding taxable
years.
A business contributing may receive a state tax credit for 45 percent of
their total contribution. Tax credits are available if the contribution
value is at least $889 or no more than $388,889. The minimum tax credit
issued for a business contribution is $400 ($889 x .45) maximum $175,000
($388,889 x .45). Tax credits not usable by the business for the period
a contribution was made may be carried over for the next five succeeding
taxable year.
For information about the Nap Program or if you would like to make a
donation for NAP credits please contact the Director of Development at
757-456-2366 (x504) or email
Development Office of CCEVA.
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