Killingworth Holding Public Hearing on Business Tax Credit Program

Killingworth officials are considering applying for a special tax credit program tailored to businesses.

Here's a notice on the hearing, posted on the Killingworth town website.

The Selectmen's Office will hold a public hearing to review community projects desiring to qualify for State of Connecticut tax credits from the 2013 Neighborhood Assistance Act Program. This hearing will be held in the Town Office Building located at 323 Route 81, Killingworth, CT, on June 25, 2013 at 7 p.m. Comments may be heard and written communications received. A copy of the NAA and proposals on file are available for examination in the Town Clerk’s office.

According to the state, the Neighborhood Assistance Act 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 percent of their approved contribution to certain programs (or 100 percent 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)."

Read more about the NAA program on the state's website.