Neighborhood Investment Program (NIP) tax credits are now available to support student scholarships at New River Community and Technical College.
The West Virginia Development Office issues NIP tax credits to approved nonprofit organizations, and the New River CTC Foundation has been awarded $24,000 in tax credits for 2020-2021. NIP is the only state tax incentive for charitable gifts.
“NIP is truly a win-win-win program. Students benefit from scholarships, donors benefit from tax credits, and nonprofit organizations benefit from the standpoint of serving the community,” said Michael Green, Executive Director of New River CTC Institutional Advancement and Foundation.
Charitable contributions of cash, stock or personal property valued at least $500 are eligible to receive 50% of the donated amount in tax credits toward personal and corporate income taxes. The Foundation awards tax credits to donors on a first-come, first-served basis.
NIP scholarships are designated for low-income students in need of additional financial aid to attend college. Research shows that lifetime earnings for individuals who graduate from community college is significantly higher than their peers with a high school diploma; statewide, the West Virginia Climb initiative seeks to equip 60% of residents with a certificate or degree by 2030.
“For those seeking to make an impact, contributions toward education are life-changing,” Green said. “Our students are incredibly thankful to receive these scholarships.”