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HUNTINGTON, W.Va. – Huntington WV Area Habitat for Humanity was awarded $34,250.00 in tax credits in September from the West Virginia Neighborhood Investment Program (NIP). Businesses or individuals who contribute to a NIP organization are eligible to receive 50% of the contributed amount in the form of West Virginia state tax credits.
While a portion of NIP tax credits have been distributed already, HAHFH still has more than $29,000 remaining. Eligible contributions must be a minimum of $500, and can be in the form of cash, personal property, real estate, stock or in-kind professional services.
In return for a qualifying donation, the donor will receive a West Virginia NIP tax credit voucher that may be used to reduce state income tax liability in corporate net income tax or personal income tax. In order to apply the tax credit voucher to 2019 taxes, the donation must be received by December 31, 2019, but the donor has the option to use the credit over a five-year period beginning with the year that the donation was made. NIP credits cannot reduce total state liability by more than 50%, and all donations remain eligible for the Federal Charitable Contribution Deduction.
For more information on receiving state tax credits for a qualifying donation, please contact Dayna Carter at (304)523-4822.
About Huntington WV Area Habitat for Humanity
Huntington WV Area Habitat for Humanity is a non-profit, ecumenical, Christian ministry, whose mission is to partner with qualified families in need, and provide them the opportunity for safe, decent, and affordable housing. For more information on how to become involved or volunteer, please call (304)523-4822, visit us online at www.hahabitat.org or follow us on Facebook at Huntington WV Area Habitat for Humanity.
About the Neighborhood Investment Program
The Neighborhood Investment Program was established by the West Virginia Legislature in 1996 to increase charitable giving to local nonprofit organizations, thus increasing the capacity of such organizations to serve low-income residents in highly distressed neighborhoods. The West Virginia Legislature sets aside $3 million annually in state tax credits for the NIP. To participate, a 501(c)3 organization must apply to the West Virginia Development Office. Applicants are evaluated on a number of criteria before being approved by an advisory board. Approved organizations can use the credit as a tool for attracting donations from potential contributors.