Connecticut’s tax agency is reminding municipal agencies and tax-exempt organizations that July 1 is the deadline for funding proposals through the state’s Neighborhood Assistance Act (NAA) Tax Credit Program.
Department of Revenue Services Commissioner Kevin B. Sullivan said Wednesday the program helps leverage business donations to local projects.
“Connecticut’s Neighborhood Assistance Act is an added incentive for businesses to do the right thing by investing in initiatives that help people,” Sullivan said.
Once projects are proposed by community organizations and recommended by local governments, the tax agency publishes a list of eligible projects for businesses’ support.
Municipal and tax-exempt organizations must submit project proposals to their local government for approval and should contact the community’s NAA liaison for each town’s deadline.
Towns must submit their list of approved projects to DRS by July 1.
In the fall, businesses can apply for tax credits based on their contributions toward the projects. Statewide, up to $5 million in business tax credits are available annually through the NAA.
Projects assisted in past year include:
- HVAC and roof replacement for Fidelco Guide Dog Foundation Inc.
- Financial literacy programs for Bridgeport school children
- Energy efficient replacement windows for Goodwin College
- Vocational English as a second language program for the Community Renewal Team
- Residential domestic violence victim’s services through Chrysalis Inc.
- Fostering Independence through Work Program at Ability Beyond Disability Inc.
- Energy efficient Habitat for Humanity Homes in Eastern Connecticut
- Drug and alcohol residential program upgrades for Teen Challenge New England Inc.
- HVAC energy efficiency project for the Prudence Crandall Center Inc.
