Nine Fairfield nonprofit agencies will get a financial boost from a state program that allows businesses to receive tax breaks for donating to their respective causes.
The Connecticut Department of Revenue Services will include nine Fairfield nonprofits in its 2013 Neighborhood Assistance Act program, First Selectman Mike Tetreau announced in a news release Monday. He called the program a ‘win-win’ for businesses and non-profits alike.
“On the one hand, community organizations are able to raise much needed funds to help support a number of very worthwhile initiatives that benefit local residents,” he said. “On the other, businesses that make a charitable gift toward these programs are able to reduce their corporate liability tax.”
The NAA program is structured so that businesses that make charitable contributions to a qualified program are eligible to receive a credit, valued at 60 percent to 100 percent of 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 non-profit or municipal entity can receive is $150,000, according to the Department of Revenue Services.
The following local programs were approved for inclusion in the NAA Program, along with the contribution limits denoted:
- Wakeman Boys & Girls Club - Energy Efficiency Initiative ($87,915)
- Wakeman Boys & Girls Club - McKinley Elementary School Outreach ($25,000)
- Fairfield Police Department - Crisis Intervention Team Training ($10,000)
- Pilot House - Therapeutic Riding & Vocational Support ($150,000)
- Fairfield Senior Center - Senior Exercise & Fitness Program ($20,000)
- Fairfield Senior Center - Front Entrance Sidewalk Replacement ($10,000)
- Fairfield Theatre Company - Saturday Kids ($10,000)
- CT Challenge - Cancer Survivor Wellness Program ($150,000)
- Fairfield Public Library - Bike Lending/Sharing Program ($10,000)