Get a 65% Virginia tax credit for your gift to Elk Hill this month.

If now is a good time for you to give—and you would like to take advantage of NAP tax credits—ElkHill has a considerable amount that expire June 30. Here’s more info.

Virginia Neighborhood Assistance Tax Credit Program (NAP)

A way to support Elk Hill that may reduce your Virginia taxes

 “I get more value for my donation from a tax perspective than making the same-sized donation without the credits.” –17-year Elk Hill donor

 “NAP credits are a great way to support an organization that we love AND reduce the amount we owe on our taxes. We have increased our support as a result.”

–9-year Elk Hill donor

About NAP tax credits

 NAP tax credits are provided by theCommonwealth of Virginia to encourage businesses and individuals to make donations to approved nonprofit organizations that serve low-income persons.

 Individuals and businesses who make qualified donations directly to approved organizations may be eligible for NAP State TaxCredits, which are issued for up to 65% of the total donation value. To be eligible, individuals must donate between $500 and $125,000 (and not through a donor advised fund or other third party). The minimum for businesses is $616, and there is no maximum limit.

 Elk Hill has NAP tax credits available for gifts made through June 30, 2020, that we are offering at the 65% value on a first come, first-served basis. When you give a gift that receives credits during a given calendar year, you will receive a credit that can be applied to your state taxes for that year, and credits are good for 5 years.

Example:

 Donor 1*

‍Gift to Elk Hill $10,000

NAP credit (65% credit) $6,500

Potential  cost to donor (25% tax bracket)* $1,000

Potential  cost to donor (35% tax bracket)* $0

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Interested in making a donation for NAP Tax Credits Contact Lee Ann Ibanez at LIbanez@elkhill.org or by phone 804-457-4866 ext. 312

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*The above examples are illustrations. Donors are encouraged to seek the advice of a professional tax advisor before making any contributions for tax credits as Elk Hill is not qualified to offer tax advice. Due to a one-time tax code change for the year 2020, according to IRC Section 2205, there is now no limit to the deductions you can take for charitable contributions for federal taxes if you itemize your contributions.

 For more information about NAP Tax Credits, visit the Virginia Department of Education website:http://www.doe.virginia.gov/school_finance/neighborhood_assistance_act/index.shtml