CT Neighborhood Assistance Act
The Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program is designed to provide funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses who make cash contributions to these entities.
Businesses can receive a credit of 60% of their approved contribution to certain programs (or 100% in the case of certain energy conservation programs) approved by the Department of Revenue Services. Any tax credit that is not taken in the income year in which the contribution was made may be carried back to the two immediately preceding income years (beginning with the earlier of such years).
If your organization is interested in applying, the application form NAA-01, as well as other information may be accessed through the State of CT Department of Revenue Services website at www.portal.ct.gov/DRS
The deadline for submitting applications to the Town of Stonington for the 2019 NAA program is May 31, 2019. Applications should be mailed in an envelope clearly marked as follows:
Neighborhood Assistance Act
Town of Stonington, Finance Office
Attn: James Sullivan
152 Elm Street
Stonington, CT 06378
Any application that is incomplete or received after the deadline will not be considered.
Applications will be reviewed for completeness and forwarded to the Board of Selectman for public hearing and approval. All applications approved by Board of Selectmen will then be submitted to the Department of Revenue Services for its approval. Incomplete applications and applications received after the due date of May 31, 2019 will not be considered and will be returned to the applicant.
The Department of Revenue Services will provide the Town with a list of approved applications. Each entity will receive a letter from the Town notifying them as to whether their application has been approved. If approved, the entity’s sponsoring business must mail or hand-deliver Form NAA-02 with an original signature to the Department of Revenue Services on or after September 15 but no later than October 1, 2019.
NOTE: It is the responsibility of the tax-exempt organization to find a “sponsor” for the project that will be submitted for consideration.
Please direct any questions you may have about the NAA program to the Department of Revenue Services Research Unit at (860) 297-5687 or email them at DRS.TaxResearch@po.state.ct.us