Fairfield programs OK’d for state tax credits offered businesses
Updated 2:16 pm, Tuesday, August 18, 2015
Eight Fairfield-based programs have been approved for state funding under the Neighborhood Assistance Act.
The programs, submitted to the state Department of Revenue Services, were deemed eligible for aid under the program designed to support municipal agencies or community non-profit organizations.
The NAA works with businesses to provide a state tax credit for cash contributions made to the approved programs. Businesses that make charitable contributions to a qualified program are eligible to receive a credit, valued at between 60 to 100 percent of the amount contributed, on state corporate income taxes. 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 the program is $150,000.
The local programs approved for this year’s NAA program include: Connecticut Challenge, CT Challenge Center for Survivorship; Fairfield Theatre Company, LED lighting for its new Warehouse venue; Fairfield Theatre Company’s Arts in the Community program; Junior Achievement of Western Connecticut, Fairfield students’ financial literacy program; Notre Dame High School, educational outreach and support; Notre Dame High School, energy-efficiency upgrades; Operation Hope of Fairfield, hunger and homelessness services, and Wakeman Memorial Association, energy-efficiency initiative.
“This is a real win-win situation for both the non-profit groups and the businesses involved,” First Selectman Michael Tetreau said in a statement announcing the selection of the programs. “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 hand, businesses that make a charitable gift toward these programs are able to reduce their corporate tax liability.”
Businesses that want to make a contribution to NAA-designated programs have only a limited time to do so. Applications to the state must be made from Sept. 15 to Oct. 1. The business sponsor application form can be found on the Department of Revenue Services website at www.ct.gov/drs. Business applications also may be mailed, hand-delivered or e-mailed to NAAProgram@ct.gov by the Oct. 1 deadline.
For more information, call the town’s Department of Community and Economic Development at 203-256-3120.