Did you know you can receive a 50% tax credit on your contribution of $500 or more to Community Trust Foundation’s Mineral County Meals on Wheels Fund? Your gift of $1,000 will only cost you $500 and will provide hot, nutritious, well-balanced meals to frail elderly shut-ins five times a week. To receive this tax credit you must be a WV resident and contributions can be accepted on a first come first served basis until the allocation is met.
Aging and Family Services needs $2,500 of giving to the Neighborhood Investment Program Endowed fund for our Meals on Wheels by June 30, 2020, to meet our goal. Please help support this great cause and earn a 50% tax credit!
This endowed fund was established in 2017 with the goal to provide long-term viability of the Meals on Wheels program. Businesses and individuals who contribute to NIP 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 following West Virginia taxes: Corporate Net Income Tax and Personal Income Tax
Neighborhood Investment Program: Frequently Asked Questions:
What types of contributions are eligible for the tax credit?
Contributions can be in the form of cash, personal property, real estate, stock and in-kind professional services. The minimum eligible donation is $500.
What is the program timeline?
The program is administered according to the state fiscal services year, from July 1 to June 30. To be eligible for the tax credit, contributions must be made after the organization has been certified for participation by the Secretary of Commerce.
How does a tax credit differ from a tax deduction?
A tax deduction reduces the amount of total income on which taxes are based. A tax credit is used to reduce total tax liability. A tax credit is more beneficial to the donor than a tax
How are the tax credits reported?
Contributors to a participating organization will receive a tax credit voucher that lists the amount of the contribution (form WV-N IPA-1). Simply attach the voucher along with a program worksheet (form WV-NIPA-2) to the appropriate West Virginia tax form and deduct the tax credit amount from the tax due amount. Please contact Louie Kitzmiller at 304-788-5467, ext 110 for more information.
