Businesses Can Take Advantage of Tax Credits Available for Purchase
Granite United Way’s Whole Village Family Resource Center and Bridge House were named recipients of one of the Community Development Finance Authority’s to receive tax credit grants. The two organizations will utilize the tax credits for clean energy upgrades at both facilities. Their project will be guided by the Plymouth Area Renewable Energy Initiative and reduced costs for these facilities will allow the organization to apply more resources toward services for clients.
The announcement was made this week and the organizations were among the 16 nonprofit projects that will provide a significant impact in the areas of affordable housing, economic development, or community development to their regions of the state.
“We are proud to partner with our neighbors at Bridge House to bring this opportunity to the Plymouth area,” said Susan Amburg, Director of Whole Village Family Resource Center. “It will offer a benefit to both non profits and area businesses while allowing for us to help those who need our assistance.”
This creative collaboration by three nonprofit partners furthers the missions of all three organizations by utilizing the energy expertise of PAREI to lower operating costs at the Whole Village Family Resource Center and Bridge House, thereby enhancing the sustainability of both organizations and allowing them to further focus their efforts to support low and moderate income residents and the homeless of the region.
Grants made to these organizations are tax credits, not cash. New Hampshire companies support these selected projects by purchasing their tax credits. This allows the nonprofit to receive a donation and allows the company to get a 75% state tax credit against that contribution. The credit can be applied against the Business Profits Tax, Business Enterprise Tax, or Insurance Premium Tax.
For information on how your business can take advantage of these tax credits, contact Jennifer Higgins Pitre, Vice President of Resource Development, at 603.625.6939 x116 or email jennifer.pitre@graniteuw.org
Download the document below for additional information.