NEON, Norwalk Economic Opportunity Now, Inc., (NEON) announced Monday that area businesses are invited to partner with NEON programs and become eligible for state tax credits, according to a release from the anti-poverty agency.
Under the Connecticut Neighborhood Assistance Act (NAA) tax credit program, companies that make cash contributions to eligible NEON programs can receive a credit of 60% or 100% of their approved donations.
Eligible NEON programs in the Norwalk and Stamford area include:
- NEON Viewpoint Recovery program in Stamford with a tax credit Provided to Businesses of 100%. The contribution goal is $35,000.
- NEON After School Academy and Literacy program in Stamford with a tax credit provided to businesses of 60%. The contribution goal is $87,044.
- NEON Empower Through Education and Employment program in Stamford with a Tax credit provided to business of 60%. The contribution goal is $27,956.
- NEON Neighbors Helping Neighbors Social Service program in Norwalk with a tax credit provided to businesses of 60%. The contribution goal is $150,000.
The credit can only be applied against the Corporation Business Tax, Insurance Premiums and certain Gross Earnings Taxes.
“The State of Connecticut Neighborhood Assistance Act (NAA) tax credit program is a wonderful opportunity for local businesses to help strengthen our community’s important social programs while at the same time gaining a tax benefit for their companies,” said Chiquita Stephenson, NEON acting CEO and president in the release adding that this tax credit directly encourages and rewards alliances between businesses and non-profits like NEON.
Any businesses willing to sponsor NEON programs to receive tax credits needs to complete the NAA-02 form and submit it to the Department of Revenue Services (DRS) between Sept. 15 and Oct. 1, 2013. The form is available on the DRS website at http://www.ct.gov/drs.
For more information on sponsoring NEON programs, contact Sonya D. Van Norden, NEON’s Director of Development at (203) 352-4894, or email Sonya at email@example.com
Questions about procedures that businesses receiving the tax credit must follow can be directed to Susan Sherman or Mike Galliher at the Department of Revenue Services, (860) 297-5687.
NEON serves vulnerable families in lower Fairfield County and operates numerous services and programs in the areas of early childhood development; adult and youth employment and training; energy assistance; neighborhood community centers; wealth and asset development; after-school activities; family services; community corrections and substance abuse residential services.