Lower your Tax Liability!
Habitat for Humanity of Northern Virginia (Habitat NOVA) is an approved non-profit organization for 2015-2016 in Virginia’s Neighborhood Assistance Program (NAP). New credits issued for fiscal year 2016 (July 2015-June 2016) mean that for a minimum gift of $500, an individual donor may be eligible to receive a 65 percent credit against his or her income tax liability to the Commonwealth of Virginia. Unlike a tax deduction, a tax credit reduces one’s tax bill dollar-for-dollar. For example, a $2,000 donation generates $1,300 in tax credits, “costing” the donor only $700. For a donor in the top tax bracket, this may even result in total tax benefits equal to 105 percent of the gift amount when combined with state and federal deductions. Businesses and trusts must make a minimum gift of $616 to qualify for the NAP tax credit. We have received this year’s forms! Click on the links below for the two most commonly used NAP Contribution Notification Forms suited to your donation. (Please note: There are six different forms; please visit the NAP website to see the entire list and locate the correct form for your donation.) Please note: We issue our NAP allocations on a first-come, first-serve basis!
- CNF-A accommodates business donations for cash, stock or real estate.
- CNF-E must be used for donations of cash or marketable securities from individuals or a trust.
To reserve your credits:
1. Contact Habitat NOVA at firstname.lastname@example.org or (703) 521-9890, indicating your interest in NAP credits and noting the amount of your pledged gift. If we have exhausted our allocation, we can put your name on a wait list as we make a request for additional allocations. We issue our NAP allocations on a first-come, first-serve basis.
2. Complete Part I and II of the appropriate NAP Contribution Notification Form, and send it with all supporting documentation, to Habitat NOVA (address listed below) to reserve credits before making a donation.
3. Once Habitat NOVA has received your NAP Contribution Notification Form, send check payable to “Habitat for Humanity of Northern Virginia” to the address below. Note “NAP” in the memo line. We will reserve credits in the order of NAP Contribution Notification Forms received.
4. As soon as Habitat NOVA receives your NAP Contribution Notification Form and check, we will process your gift and forward all the paperwork to the Virginia Department of Social Services. You will also receive an acknowledgment from Habitat NOVA for your gift and a certificate directly from the Commonwealth to file with your tax return. Please send Contribution Notification Forms and donations to:
6295 Edsall Road, Suite 120
Alexandria, VA 22312