NH Senate puts proposed CDFA tax credit increase on hold

Bill to raise contribution limit to $6 million sent to study
NH Business Review Staff,

The NH Senate has sent to study a proposal to increase the limit on contributions through the Community Development Finance Authority to $6 million.

The bill would have increased the limit on contributions to projects in the Community Development Investment Program, under which CDFA gives a 75 percent state tax credit against donations.

The tax credit can be applied against the business profits tax, business enterprise tax or the insurance premium tax.

“This is a modest change to a program and an organization that we know works,” said Dan Feltes, D-Concord.

The bill had easily sailed though the House on a voice vote, but the Senate sent it to study, on a party-line 14-9 vote.

Categories: Government, News, Nonprofits

More news from NHBR:

Nhopinions
Opinion

(Opinion) Novus Public Affairs’ 30-year anniversary: Paul Young’s meaningful mark on NH

For nearly six decades, Paul Young has been a constant, if often understated, presence in public and government affairs, both in New Hampshire and beyond. Since founding Novus Public Affairs in 1996, Young has helped shape how businesses, nonprofits and political leaders communicate and connect with the world around them, leaving a mark on the state that is hard to measure but easy to feel.