NAP Tax Credits Now Available
Posted October 6, 2014
“The Neighborhood Assistance Act Tax Credit Program for Education, administered by Virginia Department Of Education, allows individuals or businesses to receive state tax credits – equal to 65 percent of the qualified donation – for eligible contributions made to approved neighborhood organizations that provide scholastic instruction or assistance to low-income persons or eligible students with a disability” – VDOE Website
Horizons Hampton Roads is a NAP approved organization and currently has a new allotment of state tax credits to distribute. To qualify for a 65% state tax credit return on a donation to Horizons Hampton Roads:
- Individuals must donate a minimum of $500 in cash and/or securities. Maximum donation of $125,000 for individual donors.
- Corporations must donate a minimum of $615.39 in cash, stock, merchandise, real estate, or certain professional services. There is no maximum donation for corporations.