CDFA TAX CREDIT PROGRAM DETAILS
The New Hampshire Community Development Finance Authority awards approximately $5 million in tax credits annually to nonprofits throughout New Hampshire. The funds have a significant impact on community and economic development initiatives across the state with projects ranging from downtown revitalization and job creation efforts to increasing access to affordable housing and addiction recovery services.
Grants made to these organizations by CDFA are in the form of tax equity. New Hampshire businesses support the selected projects by purchasing the tax 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.
Criteria for Funding Tax Credit Projects
All Tax Credit projects are subjected to substantial programmatic and financial review. Among other requirements, projects must provide a clear public benefit and demonstrate that similar funding was not otherwise available. Funding recommendations are made by an Investment Review Committee that includes a combination of CDFA Board members and staff. As a result of the highly competitive and rigorous review process, CDFA’s Tax Credit program funds projects which demonstrate project readiness and viability, as well as deliver measurable outcomes.
How What This Funding Means to the Newport Opera House Association
The NOHA has been selected as a recipient of a Community Development Finance Authority (CDFA) Tax Credit Program award in the amount of a whopping $181,070.00!! That means an upgraded stage lighting system, a brand-new sound system and a state-of-the-art film projector will soon be installed at the Opera House. This spectacular equipment upgrade will make it possible for us to produce bigger, better events which, in turn, will bring more visitors into Newport. The Opera House has always been an economic driver on Main Street but now, thanks to this new equipment, we will be a POWERHOUSE!
How Businesses Can Participate in the Tax Credit Program
Before those tax credit dollars are granted to us, there is still more work to be done. The NOHA must sell tax credits equal to the award amount in order for us to receive those funds. New Hampshire businesses value this unique state program which incentivizes and rewards public/private partnerships to fund local community economic development. If your business is required to pay New Hampshire Business Profits Tax, Business Enterprise Tax and/or Insurance Premium Tax, here is your opportunity to keep your tax dollars in Newport instead of going to the state’s general fund.
TAX CREDIT CALCULATOR
Click here to use the interactive calculator to gain a better understanding of how your business can maximize its support of local community projects through the CDFA Tax Credit Program. Please note savings and net cost are based on an individual business’ federal and state tax rate. Actual savings and net cost will vary. Please consult with your tax advisor.
TAX CREDIT PROGRAM FREQUENTLY ASKED QUESTIONS
Make your pledge to purchase tax credits today!
CLICK HERE to easily and conveniently make your pledge online. If you would prefer a paper version of the pledge form, please call us at 603-863-2412 or send an email to email@example.com and we will be happy to send one to you.
THANK YOU TO THE FOLLOWING BUSINESSES FOR SUPPORTING THE NEWPORT OPERA HOUSE ASSOCIATION!