How you can help PD
Project Discovery receives a NAP tax credit allocation through a competitive grant process. This year Project Discovery has $6,800.00 in tax credits.
When an individual or corporation gives a donation to Project Discovery they will receive a 40% tax credit that can be applied against their Virginia state income tax. The minimum contribution for individuals is $500.00. For corporations the minimum is $1,000.00. A $500.00 donation will yield a $200.00 tax credit ($500.00 X 40% = $200.00). The process works as follows:
1. Make a donation of $500.00 or more to Project Discovery
2. Central Staff sends proof of payment (copies of checks) and application form to the state
3. State issues a tax credit certificate to the donor
4. Donor sends the tax certificate to the state with income tax return.
If the donor has $200.00 in credits and owes the state $210.00 in income tax, the donor sends in the credit certificate and a check for $10.00 and has paid their state income tax. If the donor owes only $150.00, they send in their tax credit certificate and the state will issue them a new tax credit certificate for $50.00 that can be used next year.
A donation made on December 31, 2008 will produce tax credits that can be applied to 2008 taxes. A donation made on January 1, 2009 will produce tax credits usable for 2009. Tax credits can only be carried over one year.
Award of tax credits is based on a three year average of the tax credits we use. It is beneficial to Project Discovery to use all of our allocation. This is an excellent tool to help you in your fund raising efforts. Should you have any questions, please feel free to call the Project Discovery central office in Salem, VA at 877-334-7268