Neighborhood Investment Program Credits
We have once again been granted state tax credits to give to those who support the Storehouse. This year we received a large award, which we hope will translate into great changes for those served by the Storehouse. The credits are issued through the West Virginia Development Office through their Neighborhood Investment Program (NIP). The credits can be given for cash and stock donations as well as for product that we can distribute through the Storehouse.
Here is a brief overview of the program for those who may not be familiar with NIP Credits. Individuals or businesses that make a donation to support the work of Storehouse WV receive state tax credits equal to 50% of their donation when giving a gift with a minimum value of $500. When combined with their normal federal deduction for charitable contributions, donors will receive between 75 – 85% of their donation back in tax reductions. Credits can be used to cover Personal Income, Corporate Net Income, and Business Franchise taxes.
Storehouse West Virginia TM can take your generous gifts and multiply them by bringing in truckloads of products that will be distributed to many worthy non-profit groups allowing them to help the less fortunate all across West Virginia. Contact us to get started.