Tax Credit Program Open to Monroe Businesses

MONROE, CT — The town will once again be participating in the Connecticut Neighborhood Assistance Program, which provides funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses who make cash contributions to these entities.

The program affords businesses a credit of 60 percent of their approved contribution to certain programs approved by the Department of Revenue Services.

The minimum contribution on which a tax credit may be granted is $250, and the maximum contribution that any non-profit or municipal entity can receive under this program is $150,000

Programs that qualify for the NAA tax credit program include, but are not limited to crime prevention, job training, energy conservation, child care services and substance abuse prevention or treatment.

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.

The deadline for applications to be submitted to the First Selectman's Office is close of business on May 15.

The online application is available here, and more information on the program is available at the state website.