WV State Tax Credits through the Neighborhood Investment Program
The Gabriel Project has issued all our NIP tax credits for the 2020-2021 state fiscal year. We do still need your monetary support, but regretfully we cannot issue state tax credits for your donation. Please check this webpage in the fall of 2021 for further NIP credit updates. Thank you!
What are Neighborhood Investment Program tax credits?
Neighborhood Investment Program state tax credits are available for donations of $500 or more to the Gabriel Project. Individuals as well as businesses can take advantage of these tax credits
How do these tax credits work?
Once your donation is received by the Gabriel Project, you will receive 50% of your donated amount in the form of West Virginia state tax credits.
If you are donating as an individual, use your credits to reduce your West Virginia Personal Income Tax liability. If you are donating as a business, use your credits to reduce your West Virginia Corporate Net Income Tax.
Tax credits reduce total tax liability (the amount you owe the state). In other words, your donation to the Gabriel Project will allow you to make a smaller tax payment to the State of West Virginia.
But state tax credits are not all you receive for your donation. The recent federal CARES law includes new personal income tax incentives for nonprofit charitable giving for the 2020 year only. This law adds an above-the-line deduction that allows an individual who does not itemize to deduct up to $300 of cash contributions to a nonprofit charity (such as the Gabriel Project). For individuals who do itemize, the deduction for cash charitable contributions is increased to 100% of the individual’s adjusted gross income. The previous limit was 60%. These federal changes, plus the WV NIP state tax credits, are major incentives for you to give money to charity in 2020.
How can the Gabriel Project offer state tax credits?
The Gabriel Project’s application for NIP state tax credits was approved by the WV Development Office in late August 2020. The Gabriel Project is proud to rank in the top 15% of approved applications for NIP credits. This high ranking means we are among the most worthy organizations in West Virginia for charitable giving and for services to low-income citizens.
The Neighborhood Investment Program was established by the WV Legislature in 1996 to increase charitable giving to nonprofit organizations in the state. The Gabriel Project has been a NIP participant for over twelve years.
How soon can I apply these tax credits? Are there restrictions on their use?
Donors can apply their credits to the current 2020 tax year as long as you date the payment prior to or on December 31st. Tax credits may not be used to reduce your total tax liability on any one tax by more than 50 percent annually. However any unused credits may be carried over for the next tax year as along as they are used within a 5-year period.
Make your donation work for you with tax credits from the Gabriel Project!
Send your donation of $500 or more to your nearest Gabriel Project Chapter or to:
Gabriel Project of West Virginia
PO Box 4663
Charleston, West Virginia 25364
Or you can donate to us online via PayPal or major credit card. Click on the yellow “Donate” button at right and a few simple steps later, your donation is completed.
For more information, call the Gabriel Project at 304-205-5865 or e-mail: email@example.com.
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Please note that tax credits are subject to availability on a first-come, first-served basis.