The state Department of Revenue Services will begin Sept. 15 accepting applications from businesses for tax credits awarded for local charitable giving, officials announced.
Under the Neighborhood Assistance Act, the state allocates a maximum of $5 million in tax credits to businesses that donate cash to qualified projects run by local nonprofits. The maximum per business is $150,000.
The program has been oversubscribed for several years, DRS said. If the $5 million cap is exceeded in a given year, then the credit dollars are prorated, a DRS spokeswoman said.
The forms that must be submitted are due by Oct. 1.
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