Neighborhood Assistance Act Tax Credit Program Will Benefit ECHN

Aug 24, 2012 - 

Eastern Connecticut Health Network (ECHN) has been approved to receive funds under the Neighborhood Assistance Act (NAA) Tax Credit Program in support of either Behavioral Health Unit Upgrades or Energy Efficiency.

Under the NAA program, businesses that make cash contributions to approved tax-exempt organizations will receive a corporation business tax credit. Each business requesting a tax credit under the NAA must complete a separate form NAA-02 (either delivered or mailed) to the Department of Revenue Services on or after September 15, 2012, but no later than October 1, 2012. The Department then issues an NAA Tax Credit Program approval letter indicating the tax credit amount that may be claimed on the Connecticut corporation business tax return.

The total tax credits issued under the program are limited to $150,000 annually for each business. The minimum contribution on which credit can be granted is $250.

A tax credit of 60 percent will be applied to donations for the Behavioral Health Unit Upgrades project, which will greatly improve the functional efficiency of the unit. The nurses’ station needs to be redesigned to allow greater patient access, and the main entrance to the unit needs to be upgraded to make it safer and more welcoming. 

A tax credit of 100 percent will be applied to donations for the Energy Efficiency project, which will be used to replace an older transfer switch that is vital to maintaining power to Manchester Memorial Hospital in the event of a power outage.

For additional information on the above projects, contact Stan Kontogiannis at 860.647.4754. For additional information on the tax credit program, contact the Connecticut Department of Revenue Services at 860.297.5687 or online at www.ct.gov/DRS.
 


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