Tax credits available!
Rx Partnership is a Neighborhood Assistance Program (NAP) approved organization because we work with clinics throughout Virginia to get medication access to those in need.
The purpose of Virginia's NAP program is to encourage businesses, trusts and individuals to make donations to approved nonprofit 501(c)(3) organizations for the benefit of low-income people throughout the Commonwealth.
How do tax credits work at RxP?
In return for your contribution, tax credits up to 50% of the donation may be applied against your Virginia state income tax liability. NAP tax credits are an excellent way to reduce your tax obligation, while also helping vulnerable people have access to life-saving medication. Tax credits reduce a donor's tax bill dollar-for-dollar.
As an additional benefit, the contribution is 100% deductible on your federal tax return!
Tax credit vs. tax deduction
Another way to think about how NAP works is to contrast it with tax deductions. A tax deduction reduces the amount of your income subject to tax. A tax credit directly reduces the amount of tax money due.
For example, if you itemize deductions and give a $1,000 tax deductible gift to a nonprofit, that gift will reduce your taxable income by $1,000. If you are in a 25% tax bracket, you would save $250 in taxes.
If you give the same $1,000 to Rx Partnership through the NAP process, in addition to your federal deduction, you would also qualify for a $500 state tax credit.
Please contact your financial advisor for detailed information regarding your specific financial circumstances.
Eligibility
Virginia state income tax is eligible to receive tax credits through NAP. IRA qualified charitable deductions are eligible for NAP credits, however gifts through your Donor-Advised Fund are not.
Individuals or married couples may receive a tax credit up to 50% of the total contribution to Rx Partnership with a minimum donation of $500.
Donate today
Rx Partnership has a limited number of available tax credits that must be given during a specific time frame. Inquire today to see if credits are still available for you. For more information on the NAP program please contact Mary Beth Moody, Director of Development & Marketing at (804) 297-3169 or mbmoody@rxpartnership.org.