Merrimack County Savings Bank (the Merrimack) has purchased $15,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the NH Water Works Association (NHWWA). The Bank’s investment will go toward the NHWWA’s efforts to engage their directors, partners and members to identify and address the critical needs of NH’s water supply.
Funds will also help launch a communications and marketing plan that will allow the NHWWA to better connect with and serve members and partners in the drinking water industry.
“As engaged citizens, we want to do our part to ensure our community’s public health and water supply is protected. This opportunity to purchase tax credits from the NHWWA allows us to do that,” said Linda Lorden, President of Merrimack County Savings Bank, “In recent years, we’ve seen how devastating it can be for the people and families of New Hampshire’s communities when the water supply is tainted. We’re happy to do all we can to keep people healthy.”
“We are extremely grateful for the Merrimack,” said Boyd Smith, Executive Director of the NHWWA. “As a local, community-focused organization, the Bank has demonstrated their understanding of the importance for quality drinking water for all people across the state. We’re incredibly excited to have their support.”
Founded in 1945, the New Hampshire Water Works Association (NHWWA) aims to improve NH’s municipal water supply. Serving the state’s drinking water industry with educational programs and events, the NHWWA promotes legislative advocacy and engages community outreach. This is achieved through research and discussion of all water supply issues, inspection of water works facilities and action to improve services by operators, managers and members of the water works industry. The NHWWA consists of municipal water systems, community-type water systems, investor-owned water utilities, water works equipment and materials manufacturers, as well as suppliers, engineers, consultants and government regulators. For more information, visit nhwwa.org.
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 Community Development Finance Authority (CDFA). Any business with operations in NH that contributes to a CDFA tax credit project receives a NH state tax credit worth 75% 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 NH 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. For more information, visit nhcdfa.org.