The state’s corporate community pledged nearly $5.65 million in cash donations in fiscal 2016 to local community organizations and nonprofits through the state’s Neighborhood Assistance Act Tax Credit Program.
Through the program, corporations receive information about projects in need of funding. The program provides a total of $5 million in corporate income tax credits to businesses that make cash donations to community agencies and programs identified by municipalities. Local governments send the state Department of Revenue Services the names of organizations and the projects in need of funding that meet the program criteria.
The tax credits, in some instances, are awarded on a percentage basis when donations exceed the $5 million threshold. Donations were down slightly from last year, according to a DRS spokesperson.
Letters notifying corporations about the amount of tax credits they will receive once they complete their donations are being sent this week. A list of communities, organizations, projects, and funding is on the DRS website.
