The Connecticut Department of Revenue Services (DRS) has approved six programs submitted by the Town of Monroe for inclusion in the 2018 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, based upon the amount contributed, on their State Corporate Income Tax. All the programs approved for Monroe are eligible for a credit of 60% of their approved contributions. The minimum contribution on which a tax credit may be granted is $250.
The following programs were approved for inclusion in the 2018 NAA Program.
|
Department/Agency
|
Program
|
Total
Amount
|
|
Monroe Playground Foundation
|
Wolfe Park Playground
|
$150,000
|
|
Edith Wheeler Memorial Library
|
Sensory Storytime
|
$2,200
|
|
Monroe Conservation & Water Resources Commission
|
Pollinator Garden: Education & Environmental Benefits
|
$2,000
|
|
Monroe Volunteer EMS
|
Stop the Bleed
|
$24,000
|
|
Monroe Department of Community & Social Services
|
Monroe Food Pantry
|
$20,000
|
|
Project Warmth
|
$20,000
|
Businesses wishing to sponsor one or more NAA programs must have a qualifying contribution made during its income year that begins in 2018 and must apply to the State beginning September 15, 2018, through October 1, 2018. The business sponsor application form can be accessed by clicking here. More information is available on the State DRS website at www.ct.gov/drs under “Programs & Services.” Business applications may be mailed, hand-delivered or e-mailed to NAAProgram@ct.gov by the October 1st deadline.
First Selectman Kellogg stated that “this program benefits both the business and the non-profit group. Community organizations are able to raise much needed funds to support community initiatives while the businesses are able to reduce their corporate tax liability.”
Businesses interested in contributing toward these programs may contact the First Selectman’s Office at (203) 452-2821 for more information.