First Selectman Mike Tetreau announced today that the Connecticut Department of Revenue Services (DRS) has approved seven programs submitted by the Town of Fairfield for inclusion in the 2017 Neighborhood Assistance Act program.
The Neighborhood Assistance Act (NAA) program is designed to provide funding to State-approved community programs conducted by municipal agencies or community non-profit organizations. The NAA works with businesses to provide a State tax credit for cash contributions made to these community programs.
The program is structured so that businesses that make charitable contributions to a qualified program are eligible to receive a credit, valued at 60% to 100% of the amount contributed, on their State Corporate Income Tax. The minimum contribution on which a tax credit may be granted is $250, and the maximum contribution that any non-profit or municipal entity can receive under this program is $150,000.
The types of community programs that qualify for the NAA tax credit program include, but are not limited to: energy conservation; employment and training; child care services; neighborhood assistance; substance abuse; open space acquisition; crime prevention programs; and affordable housing development.
The following programs were approved for inclusion in the NAA Program:
Wakeman Memorial Association – Southport Clubhouse Energy Efficiency Upgrades
Operation Hope of Fairfield - Community Hunger & Homelessness Services
Junior Achievement of Western CT – Financial Literacy & Life Skills Development
Fairfield Theatre Company – Community Arts Programming
Fairfield Theatre Company – Phase III Renovations & Energy Improvements
Fairfield Historical Society – School Field Trip Experience for Underserved Youth
Fairfield Bigelow Center – Multi Media & Dining Hall Improvements
First Selectman Tetreau remarked, “This is a real ‘win-win’ situation for both the non-profit groups and the businesses involved. On the one hand, community organizations are able to raise much needed funds to help support a number of very worthwhile initiatives that benefit local residents. On the other, businesses that make a charitable gift toward these programs are able to reduce their corporate tax liability.”
Businesses wishing to sponsor one or more NAA programs only have a limited time in which to do so, and must apply to the State beginning September 15, 2017, through October 2, 2017. The business sponsor application form can be found on the State DRS website at www.ct.gov/drs. Business applications may be mailed, hand-delivered or e-mailed to NAAProgram@ct.gov by the October 2nd deadline.
Businesses interested in contributing toward these programs may contact the sponsoring organization or the Department of Community & Economic Development at (203) 256-3120 for more information.
The photo shows Community & Economic Development Director Mark Barnhart and First Selectman Mike Tetreau standing outside Independence Hall on the Town's historic green.