The Town of Madison and the Scranton Library are in the process of completing the design for our library expansion and renovation project. To save operating expenses and energy, we have incorporated a ground sourced heat pump HVAC system which will save an estimated 40% of the cost of heating and cooling the building compared to a more conventional system.
The Neighborhood Assistance Act (NAA) provides funds to encourage energy saving projects like ours. Corporations that pay the Connecticut Business Tax (view Neighborhood Assistance Act Program Tax Credit details) may choose to donate between $250 and $150,000 to an entity that has received approval from the Department of Revenue Services, which we have. The donating corporation will then receive a tax credit for 100% of its donation, which may be used against the current year’s tax due, or the two immediately preceding income years if not fully taken in the current year.
The application must be completed by a corporation in order to receive the tax credit (form NAA-02), and is extremely easy to fill out, but must be received by the DRS between September 15, 2018 and October 1, 2018.