On May 27, 2014 the Court of Common Council approved the submittal of the 2014 NAA applications to the State Department of Revenue Services.
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).
For more information on this program see:
1. Information Publication 2013(9) - CT NAA Tax Credit Program
2. Online Guide to Connecticut Business Tax Credits
Susan Loranger, Director
Central Grants Administration
550 Main Street, Suite 302
Hartford, CT 06103