Fairfield Nonprofits, Businesses Benefit From Neighborhood Assistance Act

FAIRFIELD COUNTY, Conn. -- First Selectman Mike Tetreau announced that the Connecticut Department of Revenue Services has approved eight programs submitted by the Town of Fairfield for inclusion in the 2015 Neighborhood Assistance Act program.

First Selectman Mike Treteau announced the NAA inclusion of many local businesses.
Photo Credit: *File*

by Jason Bisnoff

08/25/2015 5:30 a.m.

The Neighborhood Assistance Act program is designed to provide funding to state-approved community programs conducted by municipal agencies or community nonprofit organizations. The NAA works with businesses to provide a state tax credit for cash contributions made to these community programs. The program is structured so that businesses that make charitable contributions to a qualified program are eligible to receive a credit, valued at 60 percent to 100 percent of the amount contributed, on their State Corporate Income Tax.

The following programs were approved for inclusion in the NAA Program:

Connecticut Challenge,
CT Challenge Center for Survivorship
Fairfield Theatre Company, LED Lighting for Warehouse Venue,
Arts in the Community Program Junior Achievement of Western CT,
Fairfield Students Financial Literacy Program Notre Dame High School,
Educational Outreach & Support Notre Dame High School,
Energy Efficiency Upgrades Operation Hope of Fairfield,
Community Hunger & Homelessness Services Wakeman Memorial Association,
Energy Efficiency Initiative

First Selectman Tetreau said, “This is a real ‘win-win’ situation for both the nonprofit groups and the businesses involved.

"On the one hand, community organizations are able to raise much needed funds to help support a number of very worthwhile initiatives that benefit local residents. On the other hand, businesses that make a charitable gift toward these programs are able to reduce their corporate tax liability.”

Businesses wishing to sponsor one or more NAA programs only have a limited time in which to do so, and must apply to the state beginning Sept. 15 through Oct. 1.

The business sponsor application form can be found on the State DRS website at www.ct.gov/drs. Business applications may be mailed, hand-delivered or e-mailed to NAAProgram@ct.gov by the Oct. 1 deadline.

Businesses interested in contributing toward these programs may contact the sponsoring organization or the Fairfield Department of Community and Economic Development at 203-256-3120 for more information.

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