Local Businesses Purchase $300,000 in Tax Credits to Support Forest Society North at The Rocks Via New Hampshire Community Development Finance Authority Tax Credit Program
Tax credits purchased through the program will be used to renovate The Rocks
after devastating fire in 2019
BETHLEHEM, N.H. (Dec. 22, 2022)- Twelve businesses across the state have
helped the Forest Society meet its 2022 goal for the New Hampshire Community
Development Finance Authority (CDFA) Tax Credit Program. The Forest Society
was awarded $300,000 in tax credits through the CDFA Tax Credit Program
earlier this year to support the renovation of the Carriage Barn at The
Rocks.
The Tax Credits are being used to renovate the 1884 Carriage Barn as a new
program and event center at The Rocks, which will be known as Forest Society
North at The Rocks. The renovation will retain the historic exterior of the
building and convert the interior into a net-zero energy efficient structure
featuring geothermal and solar photovoltaic systems. The Rocks is a
1,400-acre property that serves as the organization’s northern New Hampshire
campus and is an economic driver for the region.
The Forest Society wants to thank the following businesses for making
contributions through the tax credit program:
* Badger Peabody & Smith Realty
* Grappone Management Company, Inc.
* Lumbard and Kellner, LLC
* Mascoma Bank
* Meredith Village Savings Bank
* Merrimack County Savings Bank
* Milestone Engineering and Construction
* Nathan Wechsler & Company
* Northway Bank
* ReVision Energy
* Union Bank
* Woodsville Guaranty Savings Bank
CDFA’s Tax Credit Program offers New Hampshire businesses the unique
opportunity to invest in community economic development initiatives
throughout the state. Projects supported through the Tax Credit Program are
leading collaborative, community-based projects to address critical needs in
the Granite State that bring together public and private resources to solve
local challenges.
“We are so thankful to these local businesses for supporting the Forest
Society,” states Jack Savage, president of the Society for the Protection of
New Hampshire Forests. “In addition to creating a welcoming natural and
cultural history destination, the Forest Society’s investment at The Rocks
will allow professional conservation staff serving the North Country to be
based at The Rocks. The Forest Society owns 17 forest reservations in the
North Country. A greater presence at The Rocks will allow us to play a
consistent role as a convener, educator, and economic engine in the North
Country.”
Grants made to eligible projects are in the form of tax credit equity.
Businesses with New Hampshire tax liability support awarded projects by
purchasing the credits, resulting in the nonprofit receiving a donation and
the company receiving a 75 percent New Hampshire state tax credit against
that contribution. The credit can be applied against the Business Profits
Tax, Business Enterprise Tax, or Insurance Premium Tax. The donation may
also be eligible for treatment as a state and federal charitable
contribution. For example, a company that purchases a $10,000 tax credit
from the Forest Society, can apply $7,500 in tax credits on their business
profits tax or other applicable taxes.
The Forest Society will be seeking additional businesses to make
contributions through the tax credit program for 2023. Contact Anne Truslow,
vice president of development, at <mailto:atruslow@forestsociety.org>
atruslow@forestsociety.org for more information.
The Rocks is the North Country Conservation and Education Center of the
Society for the Protection of New Hampshire Forests (www.forestsociety.org
<http://www.forestsociety.org> ). The Forest Society is a non-profit
membership organization founded in 1901 to protect the state’s most
important landscapes and promote wise use of its natural resources. The
landmark 1,400-acre property is listed on the National Register of Historic
Places and offers agri-tourism and eco-tourism opportunities throughout the
year. <https://forestsociety.org/FSN> Forest Society North is a multi-year
renovation project at The Rocks that started in 2020 and will be completed
by fall 2023.
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