Support CEDC Initiative by Pledging Business Tax Credits
The New Hampshire Community Development Finance Authority (CDFA) has awarded $4.5 million in tax credits to projects throughout New Hampshire. The funds will have a significant impact on initiatives that advance local community economic development goals and build capacity within New Hampshire’s nonprofit sector. Coös Economic Development Corporation (CEDC) and Grafton Regional Development Corporation (GRDC) were chosen out of competitive list of organizations to participate in this program. CEDC and GRDC will use this capacity building resource to advance a collaborative approach to better reaching underserved small businesses and entrepreneurs within our communities.
“Organizations awarded Tax Credit resources have demonstrated a strong commitment to their communities,” commented Katy Easterly Martey, Executive Director, CDFA. “These community builders are driving positive, long-lasting change in New Hampshire.”
New Hampshire businesses have the unique opportunity to directly contribute to worthwhile economic development projects like this and in return receive a 75% state tax credit for that contribution through the CDFA’s program. The Tax Credit Capacity Program enables businesses to invest cash to fund economic projects in exchange for a state tax credit that can be applied against the New Hampshire business profits, business enterprise, and/or insurance premium taxes. The credit is equal to 75% of that contribution. In addition, the contribution may be treated as a charitable deduction to the extent the federal law allows. Tax credit may be used at any time during a period of five consecutive years.
"We must raise $150,000 over two years. We hope that businesses will support our efforts by participating in the tax credit program to ensure funding is achieved. If any businesses have any questions about participating, we encourage them to reach out to either of us," says Ericka Canales, Executive Director of Coös Economic Development Corporation.
"GRDC is excited that CDFA has awarded these tax credits to support connecting more businesses with resources we can provide to help them grow. By purchasing tax credits, established businesses can give back and support other businesses in their community," states Anne Duncan Cooley, Executive Director of Grafton Regional Development Corporation.
