MVSB is proud to continue to demonstrate its strong commitment to New Hampshire nonprofits by supporting the New Hampshire Community Development Finance Authority (CDFA) Capacity Building Program with the purchase of $90,000 in tax credits. The contribution will strengthen nonprofit organizations throughout New Hampshire, enabling them to create innovative, community-led economic development and infrastructure projects in the future.
MVSB was an early investor in the Capacity Building Program, purchasing $40,000 in tax credits through the CDFA in September 2021 and recently built on that first commitment with a purchase of an additional $50,000 in tax credits.
“We are grateful for the continued generosity of MVSB in supporting the capacity building efforts of nonprofits throughout the state,” said Katherine Easterly Martey, CDFA Executive Director. “The Bank’s commitment to the program demonstrates the importance of investing in our nonprofits at a pivotal moment in their development and how that investment can result in a stronger, innovative nonprofit ecosystem.”
“MVSB is proud to support the CDFA and the work they are doing to support nonprofits, especially those that serve New Hampshire’s most vulnerable populations,” said Rick Wyman, MVSB President. “Investing in the communities we serve has always been at the heart of MVSB, and working with the CDFA allows our donations to go that much further and reach a wide variety of organizations.”
CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise, or insurance premium taxes). The tax credit program allows New Hampshire businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year, and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. Visit nhcdfa.org for more information.