For Immediate Release: Thursday, January 3, 2013
Commissioner Sullivan Announces Neighborhood Assistance Act Funds
Businesses and community agencies benefit from state tax credit
Commissioner of Revenue Services Kevin B. Sullivan today announced the annual approval of the community agencies that will benefit from Connecticut’s Neighborhood Assistance Act business tax credit program.
The program, administered by the Department of Revenue Services (DRS), provides tax credits up to a total of $5 million annually for certain businesses that donate funds to community agencies recommended by local governments. Eligible expenses include energy conservation projects, weatherization, community service programs, food banks, programs for people with special needs, the arts and literacy. Rather than dollar for dollar, the credits businesses receive is proportionate to their donation to the community. This year the $5 million in state credits actually leverages $6.1 million in business donations.
Said Commissioner Sullivan, “This program is a great example of what happens when businesses, non-profits, local governments and state government work together. During these difficult fiscal times, we rely on community providers to help people and strengthen communities in so many ways. We appreciate the businesses that have stepped up to investment in our human infrastructure.”
Added Commissioner Sullivan, “The state and the businesses that donate truly help community agencies give so much more in terms of assisting people in need and providing programs.”
See attached list of state businesses approved to receive credits and the community beneficiaries.
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