If, for any fiscal year, all of the proposals submitted to the Commissioner of Revenue Services pursuant to § 12-632 claim tax credits in excess of the limit provided for in subsection (i) of said § 12-632, the commissioner on or before November fifteenth of each year shall prorate the tax credits, as limited by said subsection (i), for such year among the neighborhood organizations the programs of which business firms have proposed to contribute to pursuant to this chapter.

Terms Used In Connecticut General Statutes 12-632a

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Neighborhood: means any specific geographic area, urban, interurban, suburban, or rural, which is experiencing problems endangering its existence as a viable and stable neighborhood. See Connecticut General Statutes 12-631
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