Bill > HB05555

This bill proposes to modify the Neighborhood Assistance Act by increasing two key tax credit limits for businesses. Specifically, the legislation would raise the total amount of tax credits allowed in a fiscal year from $5 million to $10 million, and simultaneously increase the maximum annual tax credits a single business firm can claim from $150,000 to $250,000. These changes are designed to provide greater financial incentives for businesses to participate in neighborhood assistance programs, potentially encouraging more corporate investment and support for local community development initiatives. By expanding the available tax credits, the bill aims to make it more attractive and financially beneficial for businesses to engage in neighborhood improvement and support activities.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05555&which_year=2025