Neighborhood Assistance Program - NAP Credits

Pre-Approval Required

The Neighborhood Assistance Program (NAP), a program of the Commonwealth of Virginia, encourages partnerships between the private and public sectors to assist the economically disadvantaged.  Virginia state income tax credits are provided as incentives for businesses and individuals to contribute to an approved nonprofit organization, such as the Chesapeake Bay Academy Educational Foundation. The VDOE allots a limited amount of tax credits to participating organizations. The credits are available on a first come, first served basis.

How Donors Benefit

  • Credits may be applied against Virginia state income tax liability, in addition to a charitable contribution deduction for  both federal and state.
  • Businesses may use credits to reduce tax liability against Virginia state:

- Corporate income taxes
- Bank franchise tax
- Insurance premiums license tax
- Public Service Corporation tax

  • Credits may be carried over for five succeeding years following the donation to mitigate forthcoming liabilities.

Eligibility

Any individual, married couple or business that pays Virginia state income tax is eligible by donating cash or marketable securities. A private or business foundation or charitable organization is generally not eligible.

Fund-A-Cause donations to the CBA Educational Foundation of $1,000 or more may be eligible for 50% tax credits through the Neighboorbood Assistance Program.  Please contact Director of Development, Cami Best-Jones, cbestjones@cba-va.org prior to making your donation for more details.

We accept payment via Visa & Mastercard.

All donors are encouraged to consult with their tax advisors to determine their specific tax savings.

The Chesapeake Bay Academy Educational Foundation is a 501(c)(3)organization. For additional information and answers to your questions, please contact the Development Office at 757.497.6200.

Gifts to the Educational Foundation are tax-deductible and are acknowledged by the Development Office.  For additional information, please contact Cami Best-Jones, Director of Development, at 757.497.6200 or cbestjones@cba-va.org.

 
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