$5 MILLION IN BUSINESS TAX CREDITS AVAILABLE THROUGH NEIGHBORHOOD ASSISTANCE ACT
Deadline for municipalities to submit locally approved projects to DRS is July 1
The State of Connecticut will again award up to five million dollars in tax credits to businesses that sponsor approved projects on behalf of a tax-exempt organization or municipal agency via the Neighborhood Assistance Act.
Last year, 96 participating businesses supported 415 projects in 78 communities throughout Connecticut.
Businesses that make cash investments in qualified Neighborhood Assistance Act community programs can receive a 60% credit of their approved contribution, or 100% for certain energy conservation initiatives. Other provisions:
- business contributions must be in cash, and must be made in the income year that corresponds to the Neighborhood Assistance Act program year;
- businesses are limited to receiving $150,000 in tax credits annually;
- non-profit organizations are limited to receiving $150,000 in project contributions in the aggregate;
- the minimum business contribution on which credits can be granted is $250; and
- if the five million dollar program cap is exceeded, approved donations will be pro-rated.
Non-profit entities and businesses should contact their local municipality for more information on Neighborhood Assistance Act projects and participation.
The deadline for municipalities to submit locally approved projects to DRS is July 1, 2019. As a condition of approval, municipal governing bodies must conduct a public hearing and vote to approve their Neighborhood Assistance Act project applications before submitting them to DRS.
Neighborhood Assistance Act Statistics
|Tax Credit Applications Approved||348||313||373|