Translate hfpg.org
Translate hfpg.org
Menu

Hartford Foundation Submits Testimony in Support of H.B. 6274 An Act Increasing the Neighborhood Assistance Act Annual Tax Credit Cap.

On Wednesday, February 13, 2019, the Hartford Foundation for Public Giving submitted testimony to the Legislature’s Finance, Revenue and Bonding Committee in support of H.B. 6274 An Act Increasing the Neighborhood Assistance Act Annual Tax Credit Cap. House bill 6274 would double the cap on the Neighborhood Assistance Act tax credit for businesses that contribute to local nonprofits from $5 million to $10 million. In so doing, this bill would facilitate the provision of further resources for organizations seeking to stabilize their budgets and serve their communities.  Since 2011, participation among both businesses, nonprofits, and municipalities has been consistent and the number of approved programs has been significant. Local businesses have contributed to projects and programs within a wide variety of areas, including community health, education and workforce development, public safety, and arts and culture. These essential programs and services might not be available without the support of local businesses that understand the needs of our community.  In 2018, in the 29 towns served by the Hartford Foundation, 58 organizations received nearly 100 contributions totaling over $2 million from local businesses.

*******

Testimony Supporting H.B. 6274
An Act Increasing the Neighborhood Assistance Act Annual Tax Credit Cap
Hartford Foundation for Public Giving
Finance Revenue and Bonding Committee

February 13, 2019

Good morning Senator Fonfara, Representative Rojas, Senator Witkos, Representative Davis, and distinguished members of the Finance, Revenue and Bonding Committee. The Hartford Foundation for Public Giving is grateful for this opportunity to submit written testimony supporting H.B. 6274, An Act Increasing the Neighborhood Assistance Act Annual Tax Credit Cap.

The Hartford Foundation for Public Giving is the community foundation for the 29-town Greater Hartford region. As a community foundation, we manage, grow, and distribute approximately $1 billion in assets to promote equitable opportunity for all residents in our region, particularly in the areas of education, community safety, and community and economic development. For many years, we have provided funding to support our region’s nonprofits in both good times and in bad. In 2016, the Foundation conducted a survey of our grantees impacted by state budget cuts. After hearing that many of them would be impacted by a reduction in state support, the Foundation earmarked $1 million in grants to assist qualifying Greater Hartford nonprofits to prevent reductions in services or the elimination of programs. However, philanthropic foundations cannot support nonprofits alone. More recently, the Foundation’s Nonprofit Support Program has also been working with local nonprofit organizations seeking to develop new sources of revenue beyond traditional grants and donations through its Social Enterprise Accelerator Program. 

House bill 6274 would double the cap on the Neighborhood Assistance Act tax credit for businesses that contribute to local nonprofits from $5 million to $10 million. In so doing, this bill would facilitate the provision of further resources for organizations seeking to stabilize their budgets and serve their communities.  Since 2011, participation among both businesses, nonprofits, and municipalities has been consistent and the number of approved programs has been significant. Local businesses have contributed to projects and programs within a wide variety of areas, including community health, education and workforce development, public safety, and arts and culture. These essential programs and services might not be available without the support of local businesses that understand the needs of our community.  In 2018, in the 29 towns served by the Hartford Foundation, 58 organizations received nearly 100 contributions totaling over $2 million from local businesses.The popularity of this program illustrates how an increase to the annual cap could further incentivize philanthropy, address unmet demand, and make more resources available to more community nonprofits.

Our communities and the nonprofit providers who serve them continue to face increased demands during a period of austerity. The Neighborhood Assistance Act tax credit program is a wonderful example of how collaboration among local business, government can truly make a difference in people’s lives. We urge you to support House Bill 6274.

Thank you for the opportunity to provide testimony. If you have any questions, please feel free to contact our staff at policy@hfpg.org or 860-548-1888.

 

 


Back to Top
^