Wilton may benefit from tax credit program
The first selectwoman’s office has announced a potential funding opportunity for the town and Wilton tax-exempt organizations through the 2019 State of Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program.
This program is designed to provide funding for municipal and tax-exempt organizations by providing a corporation business tax credit for businesses which make cash contributions to these organizations. Businesses can receive a credit of 60% of their approved contribution to certain programs (or 100% in the case of certain energy-conservation programs) approved by the CT Department of Revenue Services.
Community programs that qualify for the NAA tax-credit program include, but are not limited, to: energy conservation, education, community services, crime prevention, open space acquisition fund, employment and training, child day care facilities, and child care services.
The minimum contribution on which a tax credit may be granted is $250, and the maximum contribution that any organization or agency may receive under this program is $150,000. Any tax credit that is not taken in the income year in which the contribution was made may be carried back to the two immediately preceding income years.
Last year, five Wilton tax-exempt organizations collectively received cash contributions from businesses in excess of $18,000 facilitated through this program, according to the first selectwoman’s office.
For more information on the program, visit: CT Neighborhood Assistance Act (NAA) Tax Credit Program.
The town will be the overseeing municipal agency coordinating and submitting applications from interested town departments and Wilton tax-exempt organizations.
Organizations wishing to participate in the program should:
- Notify the town of their intent to participate by sending an email to Sarah Gioffre, Office of First Selectwoman, Town of Wilton at email@example.com by no later than May 1, 2019.
- Complete a 2019 CT Neighborhood Assistance Act Program Proposal Form (Form NAA-01) and submit it to the Town of Wilton, Office of First Selectwoman, Attn. Sarah Gioffre, 238 Danbury Road, Wilton, CT 06897 or by email at firstname.lastname@example.org by May 24, 2019.
As overseeing municipal agency, the Town of Wilton must:
- Complete Section IV of all NAA-01 forms.
- Hold a public hearing on all program applications (this will be done at the June 3, 2019, Board of Selectmen meeting)
- Submit all approved NAA-01 forms to CT Department of Revenue Services (DRS) no later than July 1, 2019.
Businesses wishing to request a tax credit under the CT NAA Tax Credit Program must complete a separate Form NAA-02 for each program it wishes to sponsor. The contribution must be cash, and needs to be made in the corporation’s income year that corresponds to the same year as the approved program. Form NAA-02 must be submitted to CT DRS beginning Sept. 15 through Oct. 1, 2019. Businesses may mail or hand deliver their applications.
In addition, applications may be submitted electronically by 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.