DRS extends application deadline for municipalities to submit Neighborhood Assistance Act proposals
(Hartford, CT) - In recognition of the impact of COVID-19, the Connecticut Department of Revenue Services (DRS) has extended, until July 31, 2020, the application deadline for municipalities to submit their locally approved Neighborhood Assistance Act project proposals to the agency.
"Municipalities are important partners in the success of the Neighborhood Assistance Act," said Acting Revenue Services Commissioner John Biello. "This administrative relief, which is the result of feedback received from communities, will offer additional time to complete required application steps in these unique and difficult circumstances."
The State of Connecticut awards up to five million dollars in tax credits to businesses that sponsor approved projects on behalf of a tax-exempt organization or municipal agency via the Neighborhood Assistance Act, which is administered annually by DRS.
In addition to the municipal deadline extension until July 31, 2020, DRS will accept municipal application documents electronically. A complete municipal application package, which includes evidence of a local legislative body's public hearing and approval, and other required documentation, can be e-mailed to NAAProgram@ct.gov.
Businesses that make cash investments in qualified Neighborhood Assistance Act community programs can receive a 60% credit of their approved contribution, or 100% for certain energy conservation initiatives.
- 2019 Neighborhood Assistance Act: Approved Program Proposals
- DRS Neighborhood Assistance Act webpage (includes municipal contacts – see bottom of page)
- Information Publication 2015(13),The Connecticut Neighborhood Assistance Act Tax Credit Program
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For immediate release
May 5, 2020
Contact: Jim Polites