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Division Of Grants Management
Neighborhood Assistance Act
(NAA)
Olga Simpson, Municipal Liaison -
757-9278
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. The credit percentage is determined by the nature
of the program and the type of individuals served (e.g.,
indigent or disabled). Businesses unable to utilize the full
amount of their credit may carry back any unused credits to
the two immediately preceding income years.
NAA Application
Process
Proposal
Deadline Has Expired
List
of City Approved 2009 NAA Proposals Submitted to DRS
Table Of Actions
Date: |
Action: |
| March,
2009 |
2009
Connecticut Neighborhood Assistance Act (NAA) Program Proposal
(Form NAA-01) Legal Notice Mailing to Community Based Organizations. |
| April
24, 2009 |
Deadline
for Proposals to be submitted to the Division of Grants Management. No
Later Than 3:30 p.m. No Faxes accepted. |
|
May 4, 2009 |
Program Proposals submitted to the Mayor. |
|
May 26, 2009 |
Program Proposals presented to the Hartford Court of Common Council for
consideration under the 2009 NAA Program, 550 Main Street, 7:00 PM. |
| July
1, 2009 |
Deadline
for municipalities to submit list of approved programs to the State
Department
of Revenue Services. |
|
Sept 1, - Sept. 15, 2009 |
State
Department
of Revenue Services compiles a list of approved municipal programs. |
|
Sept. 15 - Oct. 1, 2009 |
Deadline
for businesses to file a Letter of Intent with the State Department of Revenue
Services to sponsor a program. No Faxes Accepted. |
|
December 2009 |
Organizations
must submit a letter to the City of Hartford verifying and accepting
the pledges received from any business interested in sponsoring the organization's
program. |
|
January 2010 |
State
Department
of Revenue Services notifies businesses of approved tax credits. |
Department of Revenue Services - DRS: Neighborhood
Assistance Act Tax Credit Program
Organizations wishing to participate:
Each municipal agency or
tax-exempt organization that wishes to participate in the NAA
Program must complete in its entirety Form
NAA-01,
the program proposal application. This form must be
submitted to a participating municipality for approval.
Do not send Form NAA-01 directly to the Department of
Revenue Services.
A link to a list of
Neighborhood Assistance Act Municipal Liaisons from the
prior program year can be found below in order to
assist you. This list is not all-inclusive. You may still
approach any Connecticut municipality. Please note that the
municipality must submit all locally approved programs to
the DRS no later than July 1.
Businesses wishing to participate:
NAA02
Each business requesting a
tax credit under the Neighborhood Assistance Act Program
must complete a separate Form
NAA-02 for
each program it wishes to sponsor. The contribution must be
cash, and needs to be made in the corporation's income year
that corresponds to the same year as the approved program.
Form NAA-02 must have an original signature and be mailed or
hand-delivered to the Department of Revenue Services on or
after September 15 but no later than October 1, 2009.
Facsimiles or e-mailed applications are not accepted.
Please contact DRS at 860-297-5687 for
more information.
All NAA-02 applications
(2009 CT NAA
Business Applications) received on or after September 15,
2009 but no later than
October 1, 2009 will be deemed timely and included in the 2009 Program.
The program has several statutory limits which must be observed, including
the following:
-
A business is limited to receiving $75,000 in tax credit annually.
-
A non-profit organization is limited to receiving $150,000 in
contributions in the aggregate.
-
The total charitable contributions of the contributing business must equal
or exceed its prior years amount (unless the contribution is to an approved
open space acquisition fund).
-
The minimum contribution on which credit can be granted is $250.
The program has a five million dollar cap, which, if exceeded, results in
proration of approved donations.
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