The Delaware State Housing Authority (DSHA) announced the authorization of the Neighborhood Assistance Act (NAA) FY 2014. The NAA Program encourages businesses and individuals who pay Delaware state income taxes to invest in programs serving impoverished neighborhoods or serving low- and moderate-income families. In exchange for a qualified contribution, the NAA provides state tax credits equal to 50% of the investment. There is a maximum of $500,000 in tax credits available and DSHA will resume accepting NAA applications on a first-come, first-served basis.
There are two important changes to the NAA program effective July 1, 2013:
- There is a reduction in the minimum donation for individual taxpayers. Individual taxpayers may now contribute a minimum of $2,500 to receive an NAA credit. The business minimum remains at $10,000.
- There is a legislative change in the annual amount of credit for which any taxpayer (individual or business) is eligible. Taxpayers are eligible to receive up to $50,000 in NAA tax credits in a single tax year and may receive no more than $100,000 in NAA tax credits in any three-year period, beginning July 1, 2013.
If you have any questions or concerns, contact Cindy Deakyne at (302) 739-4263 or via email at firstname.lastname@example.org
For more information about the NAA Program and instructions on how to apply click here.