Milford accepting applications for tax credit program
The City of Milford is accepting applications for the 2019 Neighborhood Assistance Act Tax Credit Program, sponsored by the Connecticut Department of Revenue Services.
The program is designed to provide funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses that make cash contributions to these entities. The City of Milford will hold a public hearing on Tuesday, April 30, at 5:30 p.m., at the Parsons Government Center, 70 West River St., to discuss and provide information.
The program allows businesses to claim a state tax credit for cash contributions made to qualifying community programs conducted by tax exempt or municipal agencies. The types of community programs that qualify for the tax credit program include but are not limited to: energy conservation; employment and training; child care services; programs serving low income persons; open space acquisition; crime prevention programs and affordable housing development.
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 under this program is $150,000. There are no city funds involved in this program, according to a press release distributed by the city.
Each municipal agency or tax-exempt organization that wishes to participate in the program must complete the program proposal application available on the CT DRS website. This form must be submitted to the municipality for approval by its governing body. All locally approved programs must be submitted to the DRS no later than July 1. Any program receiving $25,000 or more in Neighborhood Assistance Act funding is required to provide a post-project review, prepared by a certified public accounting firm, to the municipality overseeing the program. This review must be submitted to the municipality no later than three months after the program completion date.
For more information about the Neighborhood Assistance Act Program, visit ct.gov/DRS.
Agencies wishing to participate should submit applications to the attention of Julie Nash, director, Community & Economic Development, 70 West River St., Milford, CT 06460 by Friday, May 17.
Submissions must include an original application and two copies, three-hole punched and clipped (not stapled) together, with an accompanying electronic version. Proposals that are incomplete or submitted via facsimile will not be accepted. The list of participating agencies will be submitted to the Board of Alderman for approval at its meeting on Monday, June 3.