1/19/2011
CHARLESTON, W.Va. - Gov. Earl Ray Tomblin today announced a legislative proposal to expand the Neighborhood Investment Tax Credit Program (NITC) through 2016 and increase the overall tax credit allocation from the current $2.5 million to $3 million.
“There is no simple way to describe the extent of the work the Neighborhood Investment Tax Credit Program has facilitated,” Governor Tomblin said. “The tax credits have encouraged our corporate citizens to support our state’s non-profits which in turn provide our economically disadvantaged citizens with the assistance they need.”
Businesses and individuals who contribute to qualified Neighborhood Investment Program organizations are eligible to receive up to 50 percent of the contributed amount in the form of state tax credits. The tax credits may be applied to the West Virginia Corporate Net Income Tax, Business Franchise Tax, or Personal Income Tax. During the past three years, requests for Neighborhood Investment Program credit have averaged $8.3 million annually for the $2.5 million that is available.
“Our capacity to accommodate the growing needs of non-profits statewide has been severely hampered due to the limited credits available,” Gov. Tomblin said. “The legislative action I propose increases our commitment by 20 percent and ensures that our friends and neighbors in need are provided the services and support that can help them.”
During the last fiscal year, the NITC program helped facilitate the following:
A free health clinic was able to serve 2,996 patients and fill 46,745 prescriptions;
A United Way was able to provide utility assistance to 134 families;
An afterschool program was able to serve 125 at-risk youth; and
A college awarded 47 scholarships to low-income students.
Since the program’s inception in 1996, through Fiscal Year 2010, more than $27 million in credits have been awarded to approximately 1,718 organizations. This has allowed the organizations to raise more than $47 million in donations by the close of Fiscal Year 2010.
Contact Information
Jacqueline Proctor
(304) 558-2000