Wv nipa 2 2025

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The West Virginia Neighborhood Investment Program (NIPA) provides tax credits to individuals and businesses that contribute to community-based nonprofit organizations for local projects. Eligible contributions include cash, property, and professional services, with a credit amounting to 50% of the contribution. Taxpayers can claim up to $100,000 in credits per year, with a total cap of $2.5 million annually for all projects. The program is set to expire on July 1, 2016, but contributions made before this date retain eligibility for credits.

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Click ‘Get Form’ to open the WV/NIPA-2 in the editor.
Begin by entering the project number for each project claiming credit on Line 1, along with the corresponding tax credit amount from Form WV/NIPA-1. If you have more than three projects, attach a separate page.
On Line 2, input the project number and amount for any credits carried forward from previous years.
For Line 4, determine the lesser of your total allowable credit or $100,000 and enter that amount.
If applicable, complete Lines 5a through 8f based on your business type. For partnerships or corporations, report Business Franchise Tax liabilities and apply credits accordingly.
Individuals should focus on Lines 9a through 9d to report their Personal Income Tax liabilities and applicable credits.

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Versions	Form popularity	Fillable & printable
2016	4.8 Satisfied (46 Votes)
2011	4.4 Satisfied (52 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is WV eliminating state income tax?

Knowing that, West Virginia has embarked on a plan to completely eliminate its state personal income tax. In 2023, West Virginia passed a tax cut that reduced its income tax rate from 6.5 percent to 5.12 percent, a 21 percent cut in a single year.

What is the new tax law in WV?

On March 7, 2023, Governor Jim Justice signed HB 2526 immediately reducing the income tax in tax year 2023 by an average of 21.25% and providing for certain triggers to allow for future cuts in the income tax rates.

Who is required to file a WV tax return?

According to West Virginia Instructions for Form IT 140, you must file a West Virginia tax return if: You were a resident of West Virginia for the entire taxable year. You were a resident of West Virginia for a part of the taxable year (Part-Year Resident).

What is the WV Neighborhood Investment Program credit?

The West Virginia Neighborhood Investment Program Act provides credit to individuals and private sector businesses which make eligible contributions to community based nonprofit organizations that establish projects to assist neighborhoods and local communities.

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