[BEAVER, W.Va.] Businesses and individuals hoping to reduce their state and federal taxes are encouraged to contact the New River Community and Technical College Foundation before June 30 for Neighborhood Investment Program (NIP) tax credits in support of student scholarships.
“As a direct result of NIP tax credits, the New River CTC Foundation will award more than $100,000 in scholarships this year. It is inspiring to see students’ lives transform once they enroll in workforce training and education programs,” said Interim Executive Director of New River CTC Foundation Michael Green.
Each year the West Virginia Development Office allocates tax credits to nonprofit organizations, and New River CTC Foundation received $57,500, a record amount for the organization. Approximately $4,000 in tax credits remain available to donors until the end of the month.
By donating $500 or more to New River CTC Foundation, 50 percent of the contributed amount is returned in tax credits to reduce West Virginia personal income tax or corporate net income tax. Credits are awarded on a first-come, first-served basis. Donations are also eligible for a federal deduction and may be made in the form of cash, stock or property/equipment.
“Neighborhood Investment Program Scholarships allow students with financial need to attend college with extra income to ensure their success. The Foundation is so thankful to our donors who make the Foundation’s many scholarships and community programs possible,” Green said.
Established in 1997 by the West Virginia Legislature, NIP is the only state tax incentive available for charitable giving.
New River Community and Technical College serves nine counties in southeastern West Virginia from the Greenbrier Valley Campus (Lewisburg), Mercer County Campus (Princeton), Nicholas County Campus (Summersville) and Raleigh County Campus (Beaver/Beckley).