Merrimack County Savings Bank (The Merrimack) is helping connect the communities along the historic Concord-Claremont Railroad line with the purchase of $15,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA). The funds will go towards Phase 4 of the Concord – Lake Sunapee Rail Trail (CLSRT), which supports the completion of a 2.5 mile section from Fisherville Road to Carter Hill Road in Concord.
“We’re grateful for The Merrimack’s support in helping us complete this section of the Rail Trail, “ said Timothy Blagden, CLSRT Board President. “Our goal is increase access to employment, transportation and outdoor recreation opportunities to the communities along the route.”
“At The Merrimack, we are all about making community connections,” said Linda Lorden, President of The Merrimack. “So it seemed only natural that we support a local project that helps bring our surrounding communities together.”
The Concord – Lake Sunapee Rail Trail is a long-term vision to build a scenic, family-friendly bike and walking trail that spans 34 miles from Concord to the shore of Lake Sunapee. The old railroad line passes through the towns of Concord, Hopkinton, Warner, Sutton, Bradford and Newbury. For more information on the Concord – Lake Sunapee Rail Trail, visit clsrt.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 CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent 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 New Hampshire 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. Visit nhcdfa.org for more information.