The Neighborhood Assistance Program (NAP) offers $2.5 million in tax credits annually for distribution by not-for-profit corporations. Organizations use the tax credits as an incentive to help leverage more contributions from individuals, corporations, and businesses for programs and projects.
The NAP program follows the state fiscal year from July 1 to June 30. The maximum tax credit award per organization for each fiscal year is $50,000. The tax credits are distributed to donors at 50% of the contribution amount and are deducted from the donors state tax liability as allowed by Indiana Code 6-3.1-9.
For this fiscal year Circle U Help Center has been awarded the tax credits of $14,136.26. This means Circle U must raise $28,272.52; $16,963.51 by December 31, 2014, and the final $11,309.01 by June 1, 2015. The minimum donation is $100 and the maximum donation is $50,000.
For example: If you donate $1,000 to Circle U Help Center, you will receive a tax credit of $500 toward your Indiana State tax liability. The deadline for 2014 tax credits is December 31, 2014. Any credits received after that date will apply to your 2015 tax return. Additionally, depending on your income and tax bracket, you maybe eligible for tax credits on your federal tax return.
You can download the NAP Form by clicking here.
Please fill out lines 8 thru 12, and lines 17-21. All information should be filled in where an * is noted. You are welcome to keep a copy of the form but please, the original goes to Rick, he will sign it, and a copy will be sent for your records. You do not need to attach a copy of this form with you tax return. Your information will be forwarded to the Indiana Department of Revenue electronically. You will be able to claim the NAP tax credit using Schedule 6 on your Indiana State Tax return.
Please call Rick at 765-994-5050 before you make your contribution. We want to make sure there are tax credits available.!!