Business Education: Empowering Local Businesses - Leveraging Tax Credits for Nonprofit Impact
The Nashua Chamber of Commerce is pleased to share information about taking advantage of the NH Business Tax Credit Program to support selected non-profit projects and other business resources offered by the NH Community Development Finance Authority.
Maureen Quinn, Tax Credit Program Manager for the NH Community Development Finance Authority (CDFA), will share Business Tax Credit program information as well as other resources the CDFA provides to businesses including Clean Energy loans.
Four nonprofits that operate within Nashua have been selected through this competitive program to receive tax credits to sell to businesses with NH employees: YMCA of Greater Nashua, Boys and Girls Club of Greater Nashua, Family Promise of Greater Nashua and Positive Street Art. All four nonprofits have been invited to share information about their project at our information session on July 25th.
Can't make the session but want to learn more? Project details, contact information and pledge forms for each of the three Nashua based projects are at the links below:
YMCA of Greater Nashua: https://nhcdfa.org/ymca-of-greater-nashua-merrimack-ymca-early-education-center-renovation/
Boys and Girls Club of Greater Nashua: https://nhcdfa.org/boys-girls-club-of-greater-nashua-building-great-futures-investing-in-child-care-and-mental-health-support/
Family Promise of Greater Nashua: https://nhcdfa.org/family-promise-of-greater-nashua-inc-d-b-a-family-promise-of-southern-new-hampshire-fpsnh-prevention-diversion-community-collaboration-program/
Positive Street Art: https://nhcdfa.org/positive-street-art-building-staff-capacity-for-positive-street-art/
About the Business Tax Credit Program (source https://nhcdfa.org/investing-in-nh-communities/tax-credit-program/): CDFA’s Tax Credit Program awards approximately $5 million in tax credits annually in a competitive grant round. The program aims to support organizations that are engaged in community economic development initiatives that show a high degree of community support, build partnerships and leverage other resources.
Grants made to eligible projects are in the form of tax credit equity. Businesses with New Hampshire tax liability support awarded projects by purchasing the credits, resulting in the nonprofit receiving a donation and the company receiving a 75 percent New Hampshire state tax credit against that contribution. The credit can be applied against the Business Profits Tax, Business Enterprise Tax or Insurance Premium Tax. The donation may also be eligible for treatment as a state and federal charitable contribution.
New Hampshire businesses value this unique state program which incentivizes public-private partnerships to fund local initiatives. By participating in the Tax Credit program, businesses' donations stay in their communities and help establish strong relationships with local nonprofits.
The value of the tax credits are maintained in the state economy and, according to economic analysis, magnified by a factor of almost 2:1. The Tax Credit program helps a participating company significantly increase its community impact by leveraging tax dollars. For example, a business can make a $10,000 impact on the local community for a net cost of $1,710.
Date and Time
Thursday Jul 25, 2024
8:30 AM - 9:30 PM EDT
Thursday, July 25, 2024
8:30-9:30am
Location
Nashua Community College (McIntyre Conference Room)
505 Amherst Street
Nashua, NH 03063
Fees/Admission
Free (Members Only)