The State of Connecticut Department of Revenue Services (CT DRS) announced the list of organizations whose proposals were approved under the 2021 Neighborhood Assistance Act (NAA) Tax Credit Program — including several Wilton ones.
In fact, 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’s website.
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% of their approved contribution to certain programs (or 100% in the case of certain energy conservation programs) approved by the CT DRS. Last year, six Wilton tax exempt organizations collectively received cash contributions from businesses in excess of $45,000 facilitated through this program.
Businesses interested in requesting a tax credit under the CT NAA Tax Credit Program must electronically submit Form NAA-02 through the DRS website 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 will be available on the DRS website for electronic submission starting Sept. 15 through Oct. 1, 2021. Submissions that are mailed, hand delivered, or emailed will not be accepted. Questions can be sent via email or call 860.297.5687 for more information.
The program has several statutory limits including:
- A business firm is limited to receiving $150,000 in tax credits annually; however, the amount of tax credit allowed any business firm for investments in child day care facilities for any income year may not exceed $50,000.
- 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 via email or by calling 203.563.0129, ext. 1128.