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State
of Virginia Neighborhood Assistance Program
Individual
Donations
An individual
contributing to the ACCESS College Foundation may receive a
state NAP tax credit equal to 40% of his/her total contribution.
The minimum qualifying donation is $500.
Example:
Minimum: $500 cash donation x .40 = $200 tax credit
For NAP tax credits, only cash donations are eligible for
individual donors.
Starting July 1, 2007, individual donors may claim the donation
as a deduction on their federal tax return in addition to
claiming the NAP state tax credits.
Process:
Once the ACCESS College Foundation receives a qualified donation
of at least $500, the donor will receive a NAP Contribution
Notification Form. Once this form is completed by the donor and
returned to the ACCESS College Foundation, the form is forwarded
to the Department of Social Services. The donor will receive a
letter from the ACCESS College Foundation confirming receipt of
the Contribution Notification Form. In approximately 4-6 weeks,
the business will receive a NAP tax credit certificate from the
Department of Social Services to be included with his/her State
Tax Return.
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