Elk Hill is excited to announce the return of the Neighborhood Assistance Program (NAP) through the Virginia Department of Education (VDOE) credits for donations made between July 1, 2018 – June 30, 2019 The NAP program allows donors to take a credit equal to 65% of their gift to Elk Hill against their state tax obligations; this is could be in addition to federal and state deductions for charitable giving.
You can use these credits for an individual unrestricted donation up to $125,000 or corporate donation with no $ cap. The credits expire after 5 years.
Here is an example of the potential tax impact of the credit. For every $1 given to Elk Hill you receive a 65¢ state tax credit.
Example: $10,000 gift: tax credit of $6500 for a state deductions. You will want to consult with your tax advisor, as the net impact may be more/less favorable based on your unique circumstances.
I hope you consider taking advantage of this opportunity by making a gift today! If you are interested in learning about the NAP program, or taking advantage of NAP tax credits, please contact Jessica Cocciolone, Director of Development at [email protected] or 205-617-7448 as we do have limited availability for these credits.