Program description (Repealed)

(a) The Commissioner is authorized to provide tax credit vouchers to business firms making contributions to eligible housing program(s) which benefit low and moderate income families and which are developed, sponsored or managed by nonprofit corporations. The tax credit voucher shall be granted in an amount equal to 100% of the value of the contribution made. A business firm may receive a voucher for a contribution to a housing program, which contribution may result in the business firm having a limited equity interest in such program. The total tax credit allowed to any business firm shall not exceed $50,000 annually. (b) Vouchers issued by the Commissioner shall be submitted to the Commissioner of Revenue Services by the business firms to be used as a credit against any of the taxes to which such business firm is subject under Chapters 207, 208, 209, 210, 210a, 211, 212, or 212a of the Connecticut General Statutes. (c) Each eligible nonprofit corporation may receive, annually, an aggregate amount of $300,000 in contributions for housing program(s) to which tax credits may be applied. (d) Housing programs eligible for contributions may not serve families whose gross income exceeds 100% of the area median income. (e) For the purposes of this program, the nonprofit corporation's expenses for salaries, operation and overhead shall not be considered as housing program costs eligible for funding by a contribution from a business firm.