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West virginia investment program

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The document is the West Virginia Neighborhood Investment Program Credit Schedule, revised as of January 2016. It outlines the process for calculating eligible tax credits for individuals and corporations participating in the program, detailing how to compute total allowable credits, carryover amounts, and limits based on various tax types including corporate net income tax, fiduciary income tax, and personal income tax.

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What is the NIP tax credit in WV?

THE NEIGHBORHOOD INVESTMENT PROGRAM (NIP) allows non-profits to attract donors by offering businesses and individuals a state tax credit. Businesses and individuals who contribute to organizations are eligible to receive up to 50% of the contributed amount in the form of WV state tax credits.

What does the estate tax revert to in 2025?

The lifetime gift/estate tax exemption is $13.99 million in 2025. The lifetime gift/estate tax exemption is projected to be $7 million in 2026. Note: 2026 exemption is projected. Not taking full advantage of the gift tax exemption before it drops in 2026 could result in a far smaller estate for your heirs.

Is WV getting rid of personal property tax?

It is not going away. The constitutional amendment to repeal it failed, and so the Legislature and Justice did a workaround to credit it back on your income taxes, so you do need to pay your local property taxes on your personal property. Anyone who says otherwise is lying or wrong.

What is the child tax credit for WV?

For tax year 2024 the maximum Child Tax Credit (CTC) is $2,000 per qualifying child. It is refundable up to $1,700 per qualifying child, subject to income phaseouts. New rules make the credit more available to working families, even if they did not earn enough to owe federal income taxes.

What is the WV family tax credit?

A Family Tax Credit is available to certain individuals or families that may reduce or eliminate their West Virginia personal income tax. You may be entitled to this credit if you meet certain income limitations and family size. Individuals who file their income tax return with zero exemptions cannot claim the credit.

What will tax rates be in 2025?

2025 tax brackets Tax rateTaxable income bracket 22% $96,951 to $206,700. 24% $206,701 to $394,600. 32% $394,601 to $501,050. 35% $501,051 to $751,600.3 more rows Feb 24, 2025

What are the tax changes for 2026?

For individuals The TCJA reduced the top marginal income tax rate from 39.6% to 37% and updated the income tax thresholds across several income tax brackets. In 2026, the top rate is set to revert to 39.6%.

What are the tax changes for WV in 2025?

West Virginia Governor Jim Justice signed into law S.B. 2033 which, effective January 1, 2025, lowers the graduated income tax rates from a range of 2.36% to 5.12% to a range of 2.2% to 4.82%. The legislation allows for future tax rate cuts if revenue goals are met.

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