12 Fairfield programs approved for tax-credited donations
FAIRFIELD — A state tax credit program will encourage businesses to donate to town organizations.
The Connecticut Department of Revenue Services approved a dozen programs submitted by Fairfield for inclusion in the 2019 Neighborhood Assistance Act (NAA) program, which is designed to bolster community programs conducted by municipal agencies or non-profit organizations.
NAA incentivizes charitable giving through state tax credits on cash contributions. Businesses that donate between $250 and is $150,000 to NAA-approved organizations are eligible to receive a credit, valued at 60 percent to 100 percent of the amount contributed, on their State Corporate Income Tax.
The program looks to aid community programs that address issues including energy conservation, employment and training, child care services, neighborhood assistance, substance abuse, open space acquisition, crime prevention programs and affordable housing development.
Twelve Fairfield initiatives were approved for this year’s NAA program.
Three Fairfield organizations received approval for tax credited donations to two of their programs: The Connecticut Against Gun Violence Education Fund, Inc. was approved for both its “ENERGY” program and community organizing and information delivery initiatives; the Fairfield Theatre Company got approval for donations aiding both seating replacements and lighting upgrades; and Operation Hope of Fairfield was approved for both its energy efficient HVAC and roofs for affordable housing and community hunger and homelessness services.
Six other programs were approved to receive tax credited donation status on single programs: the Connecticut Audubon Society’s energy conservation modifications; Connecticut Challenge/Mission’s Mission Training Center; Connecticut Radio Information System’s audio access for people who are blind or print challenged; Junior Achievement of Western Connecticut’s youth financial literacy program; Norma Pfriem Breast Center/Bridgeport Hospital Foundation’s Woman to Woman outreach and screening program; and the Pequot Library Association’s roof replacement.
First Selectman Mike Tetreau said these approvals are a “win-win” situation that serve both community organizations and potential donors.
“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,” Tetreau said. “On the other, businesses that make a charitable gift toward these programs are able to reduce their corporate tax liability.”
Carla Miklos, executive director of Operation Hope, agreed that NAA approval is an exciting means of encouraging donations.
“We hope that our local business community and others will support Operation Hope in this mutually beneficial way,” Miklos said. “We are grateful that the town included us for this opportunity.”
Businesses wishing to sponsor NAA programs must apply for state tax credits between Sept. 15 and Oct. 1.