By donating to approved NIP organizations, contributors can support their communities and earn credits to reduce certain West Virginia taxes.
The West Virginia Legislature sets aside $2.5 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 will be 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.
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
- Business Franchise Tax
- Personal Income Tax
Take a look at the NIP Brochure