Tax credit opportunity for Wilton businesses
The state Department of Revenue Services (CT DRS) has announced the approved proposals under the 2019 Neighborhood Assistance Act (NAA) Tax Credit Program.
All proposals submitted by Wilton-based municipal and tax-exempt organizations were approved and a list of the approved programs is available on the CT DRS/, according to a release issued by First Selectwoman Lynne Vanderslice.
She explained that the NAA Tax Credit program provides a corporation business tax credit for businesses which make cash contributions to organizations’ approved program proposals.
Businesses can receive a credit of 60 percent of their approved contribution to certain programs (or 100 percent in the case of certain energy conservation programs) approved by the DRS.
Last year, five Wilton tax-exempt organizations collectively received cash contributions from businesses in excess of $18,000 facilitated through this program which resulted in total approved business tax credits of over $12,000 to the contributing businesses.
Businesses wishing to learn more about the NAA Tax Credit Program should visit CT Neighborhood Assistance Act (NAA) Tax Credit Program.
To request a tax credit, businesses must complete Form NAA-02 for each program it wishes to sponsor.
The contribution must be in cash, and needs to be made in the corporations’ income year that corresponds to the same year as the approved program. Form NAA-02 must be submitted to the DRS beginning Sept. 15 through Oct. 1, 2019.
Businesses may mail or hand deliver their applications to the DRS. In addition, applications may be submitted electronically be emailing Form NAA-02 to NAAProgram@ct.gov. No fax transmittals will be accepted. Questions can be emailed to DRS.TaxResearch@po.state.ct.us or call 860-297-5687 for more information.
The minimum contribution on which a tax credit can be granted is $250.
Any organization conducting a program(s) eligible for funding under the CT NAA program is limited to receiving an aggregate of $150,000 of funding for any program or programs for any fiscal year.
The total amount of all tax credits allowed in any fiscal year is $5 million, which, if exceeded, results in prorating the approved tax credits among the approved organizations.
The Town of Wilton is the overseeing municipal agency for the Wilton based programs.
For information on the program, contact Sarah Gioffre at email@example.com or 203-563-0129, x 1128.