NH Senate puts proposed CDFA tax credit increase on hold

Bill to raise contribution limit to $6 million sent to study

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.