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At last night’s Board of Selectmen meeting, Town of Wilton officials voted to move forward with a potential funding opportunity that will benefit local non-profits and local businesses alike. The selectmen unanimously approved a plan to participate in the 2018 State of Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program.

This program is designed to secure funding for municipal and tax exempt organizations by providing a business tax credit for businesses that 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. 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.  For more information on the program, visit:  CT Neighborhood Assistance Act (NAA) Tax Credit Program.

The Town of Wilton will be the overseeing municipal agency coordinating and submitting applications from interested Town of Wilton departments and Wilton tax exempt organizations.

Several Wilton organizations have applied to participate, specifying for which programs they would use the money:

Friends of Ambler Farm:  School field trip experiences for underserved youth
Friends of the NRVT:  Funding for 4.8 mile WilWalk section of the trail
Wilton Social Services:  Food pantry
Wilton Community Assistance Fund:  Emergency financial assistance
Wilton Land Conservation Trust:  Save 183 Ridgefield Rd.
Wilton Library Association:  Automatic energy control systems
Wilton Swag/Community Steps:  Develop work opportunities for young adults with disabilities
Wilton Track Association:  Back the Track (rebuilding the town track facility)
Wilton Family Y:  YMCA after school program
Wilton Youth Council:  Funding for executive director

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, 2018. Businesses may mail or hand deliver their applications. In addition, applications may be submitted electronically by emailing Form NAA-02. No fax transmittals will be accepted. For more information reach out via email or call 860.297.5687.