Neighborhood Assistance Act Tax Credit Program
First
Selectman Ken Kellogg announced that the Town of Monroe will participate in the
state’s 2020 Neighborhood Assistance Act (NAA) program again this year. “I encourage municipal agencies and community
non-profit organizations to submit proposals under NAA program,” said
Kellogg. The program allows certain
businesses to claim a state tax credit for monetary donations made to
qualifying community programs conducted by tax exempt or municipal
agencies. “We have many businesses that
donate regularly to various community programs.
If the business pays corporate taxes, this is an opportunity for them to
benefit from a state tax credit,” said Kellogg.
Some
of the programs that qualify for the NAA tax credit program include, but are
not limited to:
- Community services
- Job training & education
- Crime prevention
- Child care services
- Substance abuse prevention or treatment
- Open space acquisition
The
minimum contribution on which a tax credit may be granted is $250, and the
maximum contribution that any non-profit or municipal entity can receive under
this program is $150,000. Click here for more information regarding this program.
Organizations wishing to receive an application packet, and businesses interested in taking
advantage of this program in order to reduce their state corporate tax
liability, should contact the First Selectman’s Office at (203) 452-2821 or go
to the Connecticut Department of Revenue Services - Neighborhood Assistance Act Tax Credit Program Page
All
applications must be submitted to the First Selectman’s Office and received
by close of business on June 15, 2019 in order to be considered.