Tax Credit Program Open to Wilton Businesses

WILTON, CT — The Town of Wilton has announced a potential funding opportunity for the Town of Wilton and Wilton tax exempt organizations through the 2019 State of Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program.

This program is designed to provide funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses which make cash contributions to these organizations. 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 CT Department of Revenue Services.

Community programs that qualify for the NAA tax credit program include but are not limited to: energy conservation, education, community services, crime prevention, open space acquisition fund, employment and training, child day care facilities, and child care services.

The minimum contribution for which a tax credit may be granted is $250 and the maximum contribution that any organization or agency can receive under this program is $150,000. 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.

Last year, five Wilton tax exempt organizations collectively received cash contributions from businesses in excess of $18,000 facilitated through this program.

For more information on the program, visit: CT Neighborhood Assistance Act (NAA) Tax Credit Program.

The Town of Wilton will be the overseeing municipal agency coordinating and submitting applications from interested Town departments and Wilton tax exempt organizations.
Organizations wishing to participate in the program should:

• Notify the Town of their intent to participate by sending an email to Sarah Gioffre at sarah.gioffre@wiltonct.org by no later than May 1, 2019.
• Complete a 2019 CT Neighborhood Assistance Act Program Proposal Form (Form NAA-01) and submit it to the Town of Wilton, Office of First Selectwoman, Attn. Sarah Gioffre, 238 Danbury Road, Wilton, CT 06897 or by email at sarah.gioffre@wiltonct.org by May 24, 2019.

Wilton will hold a public hearing on all program applications at the June 3 Board of Selectmen meeting.

Businesses wishing to request a tax credit under the CT NAA Tax Credit 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 be submitted to CT DRS from September 15 through October 1, 2019. Businesses may mail or hand deliver their applications. In addition, applications may be submitted electronically by emailing Form NAA-02 to NAAProgram@ct.gov. No fax transmittals will be accepted.

Questions MAY be emailed to DRS.TaxResearch@po.state.ct.us or contact 860-297-5687 for more information.