The State’s Neighborhood Assistance Act program incentivizes businesses to make charitable contributions to approved community programs. Businesses that make such charitable gifts are eligible to apply for, and receive, a tax credit against their State corporate tax liability. Programs must be conducted by municipal agencies or non-profit organizations, and be approved by the host community as well as the State’s Department of Revenue Services (DRS).
This past year, the Town of Fairfield approved twelve programs from nine different organizations for inclusion into the NAA program, all of which were approved subsequently by the State. Four organizations later received individual pledged gifts ranging from $485 to $13,600. The four Fairfield organizations receiving funding commitments are:
- Connecticut Audubon Center - Energy Conservation Upgrades - $6,799.99
- Fairfield Theatre Company - FTC Lighting Upgrades - $24,771.42
- Operation Hope - Energy Efficient HVAC & Roofs for Affordable Housing - $28,171.42
- Pequot Library Association - Roof Replacement - $6,314.28
First Selectwoman Kupchick remarked, “This is a ‘win-win’ for our community's non-profits 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 our residents. On the other hand, businesses that make a charitable gift toward these important programs are able to reduce their corporate tax liability.”
Fairfield Community and Economic Development Director Mark Barnhart, who administers the program locally, added, “We are delighted to take part in this program, and wish to extend our thanks to the businesses that make these gifts in support of these community programs.”
For more information on the NAA program, please visit the DRS website or contact the Fairfield Department of Community and Economic Development at (203) 256-3120.