: From left, MVSB’s Julie Clement, VP Business Development & Small Business Lender; David McMahon, Branch & Business Development Manager; with Music Hall’s Allie Kovalik, Development Officer, Corporate & Campaign Engagement; Bill Stouges, Development Officer, Membership & Major Gifts; Ilysse Sirmaian, Development & Special Events; and Emmi Dolph, Development Officer, Special Projects.
The Music Hall in Portsmouth was recently awarded tax credits through the New Hampshire Community Development Finance Authority (CDFA) to support accessibility improvements and facility upgrades at its Historic Theater. MVSB purchased $10,000 in tax credits to support the project.
“These needed upgrades will ensure The Music Hall continues to provide an exceptional experience for all patrons while preserving an important community asset,” said Allie Kovalik, Development Officer, Corporate Sponsorship & Campaign Engagement at The Music Hall. “The support generated through the CDFA tax credit program will help us enhance accessibility, safety, and comfort throughout our Victorian-era theatre.”
“The Music Hall plays an important role in our community, bringing people together through arts and culture,” said David McMahon, MVSB Branch & Business Development Manager. “We’re proud to support improvements that will help enhance accessibility and preserve this historic venue for future generations.”
The upgrades include new accessible seating, architectural lighting, sound and projector upgrades, and safety code improvements.
The Music Hall is the oldest theater in New Hampshire and offers year-round programming in both its 900-seat Historic Theater and 115-person Music Hall Lounge. Go to themusichall.org to learn more.
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.