The First Stage Theatre Company has received a record number of West Virginia Neighborhood Investment Program tax credit vouchers and plans to distribute the vouchers to contributing businesses and individuals, according to a news release.
The West Virginia Legislature sets aside $2.5 million each year in state tax credits for the program that is divided among qualifying 501(c)3 nonprofit groups. The minimum contribution that a donor can make to receive a tax credit is $500. The maximum is $200,000. Contributors can get up to 50 percent of their donation amount in tax credits, which can help decrease their state corporate net income tax, business franchise tax and personal income tax.
For patrons who donate $500 or more, a 50 percent West Virginia tax credit will be given, the release said. For example, by giving $500 a business or individual would receive a $250 tax credit and the entire $500 donation would be a regular federal tax deduction. Contributions can be in the form of cash, personal property, real estate, stock, and in-kind professional services. Since First Stage is a nonprofit (501(c) 3) corporation, all donations are tax-deductible
"It's an opportunity for us to give back to the individuals and organizations who have supported First Stage over our 20-year history," said Elaine Young, vice president of First Stage. First Stage will use the funds to provide education, auditions and participation opportunities in the performing arts to low-income children.
For more information, contact Elaine Young by e-mail at email@example.com, by phone at 304-733-4909, and by mail at 6421 U.S. 60 East, Barboursville, WV 25504.
First Stage Theatre Company celebrates its 21st season this year with the upcoming 2010-2011 season:
James and the Giant Peach Sept. 24-26, Oct. 1-3 (Rennaissance Theater).
Once Upon a Mattress Nov. 12-14, (Rennaissance Theater).
RUGRATS -- A Live Adventure! March 17-20, 2011 (Keith-Albee Performing Arts Center).
Wednesday, September 22, 2010
Tax Credits Available for Donors to First Stage Theatre
It takes money to operate a community theatre group, and thanks to a special program being offered by the state of West Virginia, a donation to First Stage Theatre Company can result in a tax credit. Here are the details: