Tax credit program may benefit town and local nonprofits
A state tax-credit program may benefit the town of Wilton or a Wilton tax-exempt organization.
The 2018 State of Connecticut Neighborhood Assistance Act Tax Credit Program offers a corporation business tax credit of 60% to businesses that make cash contributions to an approved, tax-exempt public or private program. The credit is 100% in the case of certain energy-conservation programs. All programs must be approved by the state Department of Revenue Services.
Examples of programs that may be eligible include, but are not limited to, those focusing on neighborhood assistance, job training, community service, crime prevention, and child day care facilities. For example, the Social Services Department may submit a program proposal or a Wilton nonprofit may submit one.
Interested municipal departments or Wilton tax-exempt organizations must submit an email of intent for consideration by May 25 to Sarah Gioffre in the office of the first selectwoman at firstname.lastname@example.org.
They must then complete a 2018 CT Neighborhood Assistance Act Program Proposal Form (Form NAA-01) and submit it by June 11 to: Town of Wilton, Office of First Selectwoman, Attn. Sarah Gioffre, 238 Danbury Road, Wilton CT 06897 or by email to email@example.com.
The Board of Selectmen will hold a public hearing on all program applications at its June 18 meeting. The town must send all approved NAA-01 forms to the state Department of Revenue Services by July 2.
A list of approved programs will be made available by Sept. 1.
Each business that wishes to participate must make a cash contribution and complete Form NAA-02 for each program it wishes to sponsor. These forms must be submitted to the Department of Revenue Services between Sept. 15 and Oct. 1 to NAAProgram@ct.gov.
Questions may be emailed to DRS.TaxResearch@po.state.ct.us or call 860-297-5687 for more information. The program’s web page is at https://bit.ly/2crypG8.