Those contributing to the Wolfe Park playground project, the Monroe Food Pantry and the Pollinator Garden: Education & Environmental Benefits program will be eligible for state tax credits.
First Selectman Ken Kellogg announced that the Connecticut Department of Revenue Services (DRS) approved all three programs submitted by the town for inclusion in the 2019 Neighborhood Assistance Act program.
“This program benefits both the business and the nonprofit group,” Kellogg said. “Community organizations are able to raise much needed funds to support community initiatives while the businesses are able to reduce their corporate tax liability.”
The Neighborhood Assistance Act (NAA) program is designed to provide funding to state-approved community programs led 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 businesses that make charitable contributions to a qualified program are eligible to receive a credit, based upon the amount contributed, on their state corporate income tax.
All the programs approved for Monroe are eligible for a credit of 60-percent of their approved contributions. The minimum contribution on which a tax credit may be granted is $250.
The Monroe Playground Foundation’s Wolfe Park Playground project is eligible for $150,000 worth of tax credits.
The Monroe Department of Community & Social Services’ application for the Monroe Food Pantry secured $20,000 in available tax credits.
Monroe Conservation & Water Resources Commission’s Pollinator Garden: Education & Environmental Benefits program has $2,000 worth of tax credits.
Businesses wishing to sponsor one or more NAA program must have a qualifying contribution made during its income year that begins in 2019 and must apply to the state beginning Sept. 15, 2019 through Oct. 1, 2019.
The business sponsor application form (Form NAA-02) can be found on the state DRS website by searching for “Neighborhood Assistance Act” or by following the link on the town of Monroe website under “News & Announcements.”
Business applications may be mailed, hand-delivered or emailed to [email protected] by the Oct. 1st deadline.
Businesses interested in contributing to these programs may contact the First Selectman’s Office at 203-452- 2821 for information.