Matt Illian’s latest financial column highlights a special tax credit available to those who donate $500 or more to non-profits that focus on education, job-training, low-income housing, health care and community services.
The Neighborhood Assistance Program (NAP) encourages private sector investment in alleviating poverty. Individuals and businesses are incentivized to donate to nonprofits that specialize in education, job training, low-income housing, health care, and community services.
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The tax savings for making a donation to a NAP are huge. A tax credit is far more valuable than a deduction because it reduces your total tax bill dollar for dollar. An individual or business contributing directly to an approved NAP organization may receive a state tax credit for 65% of their total contribution.
The article highlights the work of CHAT but there are several other neighborhood non-profits in Church Hill which should have access to these tax credits, including Peter Paul Development Center, Anna Julia Cooper Episcopal School, ChildSavers, Habitat For Humanity, Blue Sky Fund, Hunton & Williams Pro Bono Offices and Better Housing Coalition.
These tax credits become available on July 1 and you can read the full article here.