Help IBCF meet our benchmark for the Neighborhood Assistance Tax Credit Program!
About the Tax Credit Program!
The Indiana Blind Children’s Foundation (IBCF) received the State of Indiana 2023/24 grant award from the Indiana Housing and Community Development Authority (IHCDA) through the Neighborhood Assistance Tax Credit Program (NAP)! IBCF has been awarded the ability to give $11,116 in tax credits to eligible donors allowing IBCF to earn $22,232 in contributions towards its mission and educational programming at ISBVI. Donors who donate to IBCF through this program will receive available tax credits and be able to deduct these credits from their overall tax liability while supporting necessary educational programming for children with visual impairments.
Who is Eligible for a Tax Credit?
Contributors must reside in Indiana and be an Indiana Taxpayer. Individuals, organizations, or corporations are eligible to contribute for the Neighborhood Assistance Tax Credit Program. IBCF is now accepting cash contributions of at least $100 or more until we meet our benchmark of $22,232 in donations received/$11,116 in tax credits sold with the goal of meeting this by December 31, 2023!
How does the Tax Credit Program Work?
The Indiana Blind Children’s Foundation is now accepting contributions that will be reported to the Indiana Department of Revenue and then counted as if your taxes were already paid, reducing the total tax liability. For every dollar donated, the donor receives 50 cents or half that amount in tax credits. For example, if you donate $500 towards the IBCF NAPS program you will receive $250 worth of tax credits which comes directly off your total tax liability.
This year, IBCF is eligible to accept $22,232 in donations that are eligible for receipt of tax credits. Essentially IBCF is able to give out $11,116 in tax credits to ELIGIBLE DONORS ON A FIRST COME, FIRST SERVE BASIS. The majority of donations received and approved by IBCF for NAPS credits will be used towards the 2024 Indiana Regional Braille Challenge, a two-staged national Braille literacy contest with the first stage hosted by the Indiana School for the Blind and Visually Impaired (ISBVI) each year.
What is the difference between a Tax Credit, and a Tax Deduction?
A tax deduction reduces a taxpayer’s taxable income.
A tax credit counts as if it were taxes already paid and reduces the taxpayer’s total tax liability.
Example:
Taxpayer income: $40,000
Tax rate: 25%
Tax Liability: (40,000 x .25) = $10,000
- A $1,000 tax deduction would reduce the taxpayer’s taxable income to $39,000.
40,000 – 1,000 = 39,000
39,000 x .25 = $9,750
- A $1,000 tax credit would reduce the taxpayer’s tax liability to $9,000.
40,000 x .25 = 10,000
10,000 – 1,000 = $9,000
Want information on Braille Challenge Program?
As a philanthropic arm for the Indiana School for the Blind and Visually Impaired (ISBVI) the Indiana Blind Children’s Foundation (IBCF) seeks to support initiatives like the Braille Challenge as it stresses the importance of Braille literacy among children who are blind or have low vision. Children in grades 1-12 are invited to compete in this contest and test their Braille reading, writing, spelling and comprehension skills throughout the morning of one day each February, the month in which the Challenge is held nationally in each state. Challengers who test the highest among their peers nationally are invited to Los Angeles in June to participate in the final rounds of testing. A winner from each age category is chosen to serve as national Braille Challenge winners.
While the Braille Challenge is a one-day event designed to support and reinforce the importance of Braille literacy among blind children, the event also serves family members through educational and reflective workshops that have long-term impact. During the testing day, family members of the Challenge participants are invited to take part in workshops and sensitivity inspiring simulations that encourage reflection on how they engage their family member who is blind in everyday activities. Consistent practice of reading and writing improves vocabulary and comprehension for all children. However, if a child who is blind has the deep support of his or her family surrounding the practice and use of Braille that child will flourish both academically and in life.
How to Contribute and Receive a Tax Credit?
The award is limited and will be distributed to contributors on a first come, first serve basis. To contribute and receive a tax credit, email IBCF’s Executive Director Laura Alvarado (This email address is being protected from spambots. You need JavaScript enabled to view it. or 317-554-2742) with the information below. Once received, IBCF will contact you to solidify your tax credit contribution.
- Name: First Name, Middle Initial, Last Name (Individual) or Organization or Corporation
- Amount of contribution
- Phone
- Address, City, State, and Zip
- *Tax ID number (Social Security will be collected over phone)
- Contributor’s tax year ending
