Northwest Indiana Community Action (NWICA) is pleased to announce the availability of Individual Development Account (IDA) Tax Credits for individuals and businesses in the region. These tax credits are distributed to donors at 50% of the contribution amount and are subtracted from a donor's state income tax liability.
The IDA Tax Credits offered by NWICA support financial stability and growth within the community. This initiative is part of NWICA’s commitment to flourishing in Northwest Indiana. The tax credits serve as a valuable resource for those looking to manage their tax liabilities effectively while in the community by creating matched savings funds for NWICA’s IDA Clients.
“This program helps struggling working families build assets to support a stronger financial future. For every dollar a participant puts into their IDA account we match it 3:1 up to $4,500. This money is then put towards things like purchasing a home, paying for education, starting a business, or purchasing a vehicle,” said Andrew Prentice, Development Manager in Community Engagement at NWICA.
NWICA is a non-profit organization serving communities by addressing poverty, promoting self-sufficiency, and advocating for social change across Northwest Indiana. NWICA offers a wide range of programs and initiatives that build housing, food, and financial security for individuals and families in the region.
Those who are interested in accessing the IDA Tax Credits and other services can reach out to NWICA for detailed information on the application process. The dedicated team is available to guide applicants through the necessary steps, ensuring a smooth and efficient experience in claiming these valuable tax credits.
“These credits help in multiple ways. They provide a path toward financial security for struggling working families. They directly reduce the donors state tax bill and they can be claimed as a charitable contribution against federal taxable income,” said Prentice.
For more information about the IDA Tax Credits contact Andrew Prentice, Development Manager at aprentice@nwi-ca.org.