The West Virginia Development Office has awarded $20,000 in Neighborhood Investment Program (NIP) tax credits to the Rainelle Community Development Corporation for Project Rainelle Revitalization.
One half of each donation to RCDC that qualifies for NIP tax credits is actually paying the donor’s West Virginia Personal Income Tax, Businesses Franchise or Corporate Net Income Tax.
“These NIP tax credits are an essential support for the RCDC’s work,” RCDC Executive Director Andrea J. Pendleton said. “Last year was our first year and the NIP credits allowed us to raise more than $65,000.”
Pendleton said that a unique feature of the RCDC NIP program is that donors are invited to suggest which projects they want to support.
“Dr. Darrel Cales was by far our largest donor last year, and he asked us to try to create more Little League baseball and softball fields.”
Dr. Cales’ proposal for playing fields has drawn support from many other area individuals and businesses. The Plum Creek Foundation awarded $5,000 to the projects. Other contributors to the project will be announced in coming months.
Proposals for NIP tax credits are required to identify the NIP projects. Project Rainelle Revitalization NIP tax credits will applied to the most readily possible project among these areas, with preference for donor-advised activities: commercial/industrial property inventory and web placement; construct Little League baseball fields; fund Police Department crime prevention training and equipment; vocational training, trade school and college scholarships; and/or preservation and interpretation of historical artifacts and structures.
“We have enough NIP tax credits to match $40,000 in donations,” Browning said. “The RCDC awards NIP tax credits on a first-come, first-served basis.”
Donations may be in cash, publicly traded stock, or real estate.
For further information, contact Pendleton email@example.com, 304-667-9233; RCDC President Joan C. Browning at firstname.lastname@example.org, 304-645-6799; or RCDC Board members Treasurer Martha Livesay, Vice President Christopher Clay or Parliamentarian Susie Mintern.