The Consortium’s Michael Brossette Memorial Fund (MBMF) and Housing Assistance Program have been approved by the Delaware State Housing Authority for participation in its Neighborhood Assistance Act Tax Credit Program. This means that contributions to the MBMF or Housing Assistance Program of at least$2,500 (individual) and $10,000 (corporation) may qualify for a 50 percent income tax credit from the State of Delaware. For example, if you had an income tax liability to Delaware and made a contribution of $2,500, you would qualify for a tax credit of $1,250.
Since Delaware’s income tax is based on adjusted gross income tax from your Federal return, there are very deductions that you can take from your total income in Delaware. The NAA program and associated donations to participating community service organizations are exceptions.
Before making a contribution, we recommend that you discuss this program with your professional accounting and tax service advisor to see if this program meets your particular financial needs.
Once you make a contribution you will need to complete an application form, then the Consortium will complete a form certifying that the donation was made and you will submit it to DSHA to receive your tax credit. The NAA tax credit program was funded effective July 1, 2014 with $600,000 in tax credits, which are available on a first come, first served basis. These tax credits normally last until the New Year, but please don’t delay if you want to take advantage of this program to support the Consortium!
For more information and details on how NAA works, check out their website:http://www.destatehousing.com/OtherPrograms/ot_naa.php or call DSHA at 302-739-4263. If you have questions about this tax credit opportunity, go to www.delawarehiv.org or call us at 302-654-5471.