Connecticut House Bill HB06056

Connecticut 2015 Regular Session

• Introduced: 1/22/15
• Refer: 1/22/15

Caption

An Act Increasing The Annual Cap On The Neighborhood Assistance Act Tax Credit Program.

Impact

The main impact of HB 6056 involves the expansion of funding opportunities for programs that align with the goals of the Neighborhood Assistance Act. Current limitations on tax credits might restrict the ability of organizations to fully engage in community-oriented projects. By doubling the available tax credits, the bill aims to attract more funding and participation from both public and private sectors, effectively aiding in the development of programs that can bolster community improvement efforts.

Summary

House Bill 6056 proposes an increase in the annual cap on the Neighborhood Assistance Act Tax Credit Program from five million dollars to ten million dollars. This legislation seeks to enhance the financial resources available for community programs that help low- and moderate-income residents. By raising the cap, more organizations can benefit from tax credits, which would incentivize them to invest in local communities and support various initiatives designed to improve the living conditions of vulnerable populations.

Contention

While the bill is largely seen as a positive step towards increasing local support, there may be concerns regarding the allocation of the increased funding. Opponents might argue that simply raising the cap does not guarantee equitable distribution of the funds, or that it could divert resources from other essential state programs. There is a potential debate over how effectively these expanded tax credits can be translated into actual benefits for communities, and whether the increased funding will lead to measurable improvements in residents' lives.