Monroe Businesses Benefit with New Program

MONROE, CT -- Businesses in Monroe are being advised to take advantage of the town's recent affiliation with the Connecticut Neighborhood Assistance Program, a tax credit 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.

The program affords businesses 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. Tax credits that are not taken in the income year in which the contributions were made may be carried back to the two immediately preceding income years.

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.

For details, consult the Connecticut Neighborhood Assistance Act Tax Credit Program's informational publication.