|Posted:||February 7, 2017 02:14 PM|
|From:||Representative Bernie O'Neill|
|To:||All House members|
|Subject:||Neighborhood Assistance Tax Credit Program (NAP)|
|In the near future I will be introducing legislation that will increase the allocation for the Neighborhood Assistance Tax Credit Program (NAP). This legislation was sponsored by Representative Mustio last session (House Bill 2213) and I have been asked by Representative Mustio to continue his work on the bill during this legislative session.
Created in 1967, NAP continually serves as a resource for non-profits, businesses, and distressed neighborhoods. The goal of NAP is to improve the lives of low-income people in distressed neighborhoods through the creation of an effective partnership between community-based organizations and the business and corporate community. In order to be eligible for NAP an applicant must qualify under one or more of the following categories: community service, education, job training, crime prevention, and/or neighborhood assistance.
Included under the NAP umbrella are several sub-parts: Special Priorities Program (SPP), Neighborhood Partnership Program (NPP), Charitable Food Program (CFP), and the Enterprise Zone Program (EZP). Therefore, an increase in the allocation would make more funding available to DCED to distribute to programs that fall under NAP.
With the change in the economic situation over the last several years tax credit programs have become a more attractive resource for organizations and businesses looking to perform community-based improvement programs. The Neighborhood Assistance Tax Credit Program has historically been allocated $18 million. During the 2014-15 fiscal year DCED received over 130 applications totaling more than $31 million for NAP tax credits. This legislation would increase NAP funding to $36 million.
Please join me in supporting increased funding for a program that has proven itself by improving our communities and encouraging job creation.
Introduced as HB645