Description: Tax credits
Purpose: The Neighborhood Investment Program (NIP) was established by the West Virginia Legislature to increase charitable giving to local nonprofit organizations. The program allows 501(c)3 designated charitable organizations to apply for tax credit vouchers. These organizations distribute the vouchers to businesses and individuals who contribute to the organizations. By donating to approved NIP organizations, contributors can support their communities and earn credits to reduce certain West Virginia taxes.
Description: The West Virginia Legislature sets aside $3 million annually in state tax credits for the NIP. To participate, a 501(c)3 charitable organization must apply to the West Virginia Development Office. Upon meeting program requirements and obtaining approval from the NIP Advisory Board, organizations are awarded tax credit vouchers. Businesses and individuals that contribute to NIP-approved organizations are eligible to receive up to 50 percent of the contributed amount in the form of state tax credits. Donors may use the credits to reduce liability for the:
- Corporate Net Income Tax
- Business Franchise Tax
- Personal Income Tax
A list of approved NIP organizations is available from the West Virginia Development Office NIP Participant Directory.
NIP WORKSHOP REGISTRATION INFORMATION
Nonprofits and community groups that want to apply for the Neighborhood Investment Program (NIP) tax credit voucher program MUST register by May 25, 2015 for one of three workshops. The workshops explain the benefits of the NIP program and coach attendees how to successfully complete the program application and record keeping requirements. On-site check-in for the workshops begins at 1 p.m. All workshops begin promptly at 1:30pm. Workshops are scheduled to conclude by 4pm.
Attendance at one of the workshops is MANADATORY to be eligible to apply for NIP credit.
Choose your workshop and register using the following links.
||Tuesday, June 2, 2015
2 Waterfront Place
||Wednesday, June 3, 2015
200 Lee St. East
||Thursday, June 4, 2015
One Tamarack Park
Eligible activities: Projects generally eligible for program participation include but are not limited to the following:
- Health clinics
- Homeless shelters
- Educational programs
- Housing programs
- Preservation/revitalization activities
- Domestic violence shelters
- Children's shelters
- Meal delivery programs
- Senior citizens' centers
- Community foundations
- Scholarship programs
- Hospice care
- Transportation programs
- Day care centers
- Counseling services
- Services for the disabled
Eligible applicants: Tax credit vouchers are awarded to organizations that are designated as 501(c)3 by the IRS and registered with the West Virginia Secretary of State's office as charitable organizations. Preference will be given to organizations that:
- Are community based
- Serve highly distressed neighborhoods or communities
- Serve primarily low-income individuals
- Collaborate with other organizations
- Are novel, creative or unique in approach
- Have a history of maintaining low administrative costs
- Demonstrate the ability to deliver the proposed services
- Demonstrate a strong need for the proposed services
Contact: For additional information about the Neighborhood Investment Program, please call the West Virginia Development Office at (800) 982-3386 or (304) 558-2234.