Monroe to participate in tax credit program
MONROE — First Selectman Ken Kellogg announced that the town will participate in the state’s Neighborhood Assistance Act program again this year.
The program allows certain businesses to claim a state tax credit for monetary donations made to programs run by tax exempt or municipal agencies.
“We have many businesses that donate regularly to various community programs. If the business pays corporate taxes, this is an opportunity for them to benefit from a state tax credit,” said Kellogg in a news release.
Some of the programs that qualify for the tax credit program include, but are not limited to:
* Job training and education
* Crime prevention
* Energy conservation
* Child care services
* Substance abuse prevention or treatment
* Open space acquisition
The minimum contribution on which a tax credit may be granted is $250, and the maximum contribution that any nonprofit or municipal entity can receive is $150,000. Click here for an online guide with more information on the program.
Agencies wishing to receive an application packet, and businesses interested in taking advantage of this program should contact the First Selectman’s Office at 203-452-2821 or go to the Connecticut Department of Revenue Services - Neighborhood Assistance Act Tax Credit Program Page.
All applications should be submitted to the First Selectman’s Office and received by close of business on May 15. The 2019 Connecticut Neighborhood Assistance Act Proposal Form is available here.