MONROE — The state Department of Revenue Services has approved all three of Monroe’s applicants for the 2019 Neighborhood Assistance Act program.
On Wednesday, First Selectman Ken Kellogg announced that the state approved applications from the Monroe Food Pantry, the Monroe Playground Foundation and the Conservation Commission Pollinator Garden. The town had previously approved the applications in June.
The program is designed to provide funding to community programs conducted by municipal agencies or community non-profits. The assistance act program is structured so that 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.
The minimum contribution on which a tax credit may be granted is $250 and the maximum contribution that any nonprofit or municipal entity can receive is $150,000.
In a news release, Kellogg said that “this program benefits both the business and non-profit group. Community organizations are able to raise much-needed funds to support community initiatives while the businesses are able to reduce their corporate tax liability.”
Businesses wishing to sponsor one or more of the approved programs must have a qualifying contribution made during its income year that begins in 2018 and must apply to the state beginning Sept. 15 through Oct. 1.
The business sponsor application form (can be found on the state Department of Revenue Services website by searching for “Neighborhood Assistance Act” or by following the link on the Town of Monroe website under “News &...
from News https://www.ctpost.com/news/article/State-approves-Monroe-applicants-for-tax-credit-14386468.php
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