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Hartford holds public hearing on Neighborhood Assistance Act tax credits; two local projects seek $150,000 each
Summary
At a June 11 virtual public hearing, Hartford officials reviewed the Neighborhood Assistance Act (NAA) program and heard two nonprofit proposals seeking the maximum $150,000 tax-credit-backed donations for energy, safety and equipment upgrades.
Hartford City Councilman Amirica Hernandez opened a virtual public hearing June 11 on the Neighborhood Assistance Act tax credit program and heard presentations from nonprofit representatives seeking NAA-backed donations for two local energy and safety projects.
The Neighborhood Assistance Act is administered by the Connecticut Department of Revenue Services and provides corporate business tax credits to businesses that make cash contributions to qualifying nonprofit organizations. Damaris Diaz, the city's NAA liaison, told the council the program “is not a grant program” and described the application and timeline for the 2025 cycle.
Why it matters: The statewide annual cap for NAA tax credits this fiscal year is $5,000,000, and a contributing business can receive up to $150,000 in tax credits. Diaz told the council the city received 49…
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