Updated: Dec 21, 2021
Residents who want to donate to a worthy cause and save on their state income taxes at the same time should consider a donation to the Cortland Foundation.
The West Virginia Development Office awarded $5,000 in special tax credits through the Neighborhood Investment Program to the Cortland Foundation this year.
“Money donated to the Foundation through this program will be used to support our ‘Sips & Dips’ project,” said Dan Bucher, executive director of the non-profit foundation. “The ‘Sips & Dips’ project involves the installation of a healthy snack bar in Cortland Acres’ dining room. We want to offer snacks with a high nutritional value in the form of soft-serve ice cream and yogurt. It will be fun and tasty for our residents and employees to enjoy throughout the day.”
The tax credits are awarded at a rate of up to 50 percent. Businesses or individuals who make at least a $500 donation to the Cortland Foundation can receive a tax credit of $250.
“After the donation, participants in the program will receive a tax credit voucher that lists the amount of the contribution,” Bucher said. “We currently have approximately $2,200 left that we would like to get committed. Any interested businesses or individuals should feel free to contact me with questions or inquiries.”
Donations can be sent to the Cortland Foundation, Attn: Dan Bucher, 39 Cortland Acres Lane, Thomas, WV 26292. Or, for more information contact Bucher at 304-463-4181 or firstname.lastname@example.org
The Neighborhood Investment Program is different from a traditional tax deduction because rather than decreasing total taxable income, it’s actually a credit applied to the amount of state tax owed. Donors may use the tax credit to reduce liability for Corporate Net Income Tax, Business Franchise Tax, or personal income tax.
“We are honored to once again participate in the Neighborhood Investment Program and offer our donors tax credits that promote the addition of programs at Cortland Acres,” Bucher said. “Tax credits help donors make sizable gifts that will benefit the Cortland community this year, and forever.”
The Neighborhood Investment Program is designed to increase charitable giving to nonprofit 501(c)3 organizations. The Cortland Foundation used donations from last year’s Neighborhood Investment Program to construct the first phase of Happy Trails, a gentle walking trail that may ultimately connect to the Thomas City Park trails.
Each year, the West Virginia Legislature sets aside money for NIP tax credits to help nonprofit organizations that are serving distressed neighborhoods and at-risk populations. Donors can use the tax credits to reduce liability for West Virginia Personal Income Tax or Corporate Net Income Tax by up to 50% annually. Credits may be used over a five-year period.