Businesses donating to Project Warmth may be eligible for a tax credit

Dave Lucas, a deliveryman with Sippin Energy Products, fills the oil tank at a customer's home.
MONROE, CT — First Selectman Ken Kellogg announced that some businesses may be eligible to receive a credit on their State Corporate Income Tax by donating to the town’s Project Warmth program. The Connecticut Department of Revenue Services (DRS) has approved Project Warmth under its Neighborhood Assistance Act (“NAA”) program for 2023.

The NAA is designed to increase funding to state-approved community programs conducted by municipal agencies or community nonprofit organizations. Businesses that make monetary, charitable contributions to a qualified program approved by DRS may be eligible to receive the credit.

Project Warmth, which provides need-based energy assistance to Monroe residents through the town’s Community & Social Services Department, has been approved for a credit of 60 percent of approved contributions, up to a maximum of $24,000. The minimum contribution on which a tax credit may be granted is $250.

Businesses may request a tax credit under the NAA Tax Credit Program by filing Form NAA-02, Connecticut Neighborhood Assistance Act (NAA) Business Application, through the Connecticut DRS.

Form NAA-02 will be available starting September 15, 2023 and must be electronically submitted no later than October 1, 2023. The form can be found by clicking here and searching for “Neighborhood Assistance Act.”

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