From Tax Burden to Tax Benefit
Suzio York Hill has been in business for 126 years. Their stone products are part of iconic buildings, highways, and bridges throughout Connecticut – including the Pearl Harbor Memorial Bridge in New Haven.
For over 40 years, they have participated in the Neighborhood Assistance Act Tax Credit Program (NAA). Owner Len Suzio says he can’t remember a time when they were not involved in the NAA. “Joe Carbone got my grandfather involved a long time ago. I think we’ve been doing it since the beginning of the NAA.”
The NAA is a unique program offered by the State of Connecticut to encourage corporate support of nonprofit organizations. The program offers tax credits to C Corporations for making donations of $250 up to $150,000 to an approved nonprofit organization. The state has approved St. Martin’s for its Heating and Cooling Efficiency Project. This project will enable St. Martin’s to replace its one old steam boiler which unevenly heats the four floors of the building, with energy efficient mini-splits. The mini-splits will not only allow for individual control over room temperatures, they will also add air conditioning to our 130-year-old school building, a critical feature to make an extended-day, extended-year school a comfortable learning environment for students and staff.
As an approved charity, through the NAA, C Corporations will receive a tax credit equal to 100% of their contribution to St. Martin’s.
C Corps have from September 15, 2024, until October 1, 2024, to participate. “It’s really easy,” said Len, who used to hand-deliver his form to the Department of Revenue Services in Hartford and “make a day of it.” Now the form is online, so he does it right from his desk. “Anyone who can fill out a form can do it. It’s simple and they send you a notification right away that they’ve received the form.”
“Giving back to the South-Central Connecticut community is important to me and I would do it anyway, but the NAA allows us to do it a little less expensively because we get the tax credit too.”
-Len Suzio, Owner, Suzio York Hill
Len thinks the NAA is a great opportunity for business owners to receive a tax credit while supporting the community. “Giving back to the South-Central Connecticut community is important to me and I would do it anyway, but the NAA allows us to do it a little less expensively because we get the tax credit too,” said Len. “There are so many different types of organizations that participate – everything from historical trusts, to health and education. I am sure there is something that you would like to support.” Len’s advice for other businesses: “Just do it and get the tax credit!”
More info on the NAA: https://www.saintmartinacademy.org/NAA/
NAA Form: https://portal.ct.gov/DRS/Credit-Programs/Neighborhood-Assistance/Neighborhood-Assistance-Act-Tax-Credit-Program
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