The Bluefield State College Foundation has been notified by the West Virginia Neighborhood Investment Board (NIP) advisory board that it has been selected to participate in the organization's 1999 program. Through the program, the BSC Foundation will be able to award $40,000 in NIP tax credits to individuals, organizations, and businesses who support scholarships for low income students at Bluefield State College.
NIP spokesmen note that tax credits, such as those awarded through this program, are used to reduce total tax liability and are, generally, worth substantially more than a tax deduction. Credits may be used to reduce tax liability on three West Virginia taxes: corporate net income tax, West Virginia business franchise tax, and West Virginia personal income tax.
Credits must be used over a five-year period at a rate of one-fifth per year; total tax liability on any one tax cannot be reduced by more than 50%, and no more than $100,000 may be received in credits annually. The minimum eligible donation upon which a tax credit can be issued is $500, and the maximum is $200,000.
Thomas Burns, West Virginia Development Officer Executive Director, announced the certification of the BSC Foundation's low income scholarship project earlier this summer. Additional information on this tax credit-for-low income scholarship program may be obtained by contacting Annette Osborne, Director of Institutional Advancement and Planning at BSC at (304) 327-4502.
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