LACONIA — EPTAM Plastics continues to support the Lakes Region and its workforce with the purchase of $25,000 in state tax credits as part of LACLT's Portfolio Strengthening Initiative.
"We feel it is important to invest in the people and programs within our community. Affordable housing is a very real need and we are proud to support LACLT's mission," stated EPTAM Plastics President Jeff Hollinger.
EPTAM Plastics, established in 1981, started with just three employees in Gilford. Since then they have grown to more than 100 employees in their 60,000 square-foot manufacturing facility in Northfield. They have had over 20 years of success in NH by delivering the highest quality polymer components for the aerospace, defense, power generation, medical products, semiconductor industries and more.
Last year, LACLT was awarded a total of $500,000 in tax credits to sell by New Hampshire's Community Development Finance Authority (CDFA). Once the credits are sold to business donors, LACLT can use the proceeds to continue upgrading 60 units of permanently affordable rental housing in Laconia. LACLT's mission is to provide permanently affordable housing and support programs to low- and moderate-income families so that they become economically self-sufficient. LACLT's tenants are employees of many area businesses and comprise a large portion of workforce in the Lakes Region in healthcare, manufacturing, service and hospitality industries.
Twenty years ago, LACLT began rehabbing scattered-site apartments in Laconia to create permanently affordable housing for working families. Now with the tax credits to fund a Portfolio Strengthening Initiative for these properties, LACLT is further investing in these community assets with capital improvements and green investment. LACLT seeks to improve performance by reducing expenses through roof repairs, boiler upgrades, installing new green flooring and energy-efficient fixtures, among other improvements.
Last year more than $4.1 million was recently awarded through the CDFA Tax Credit Program. Twenty-three community projects throughout the state sought tax credit funding; LACLT's Portfolio Strengthening Initiative was one of only three applications awarded its full request. The Tax Credit Program enables businesses to donate to LACLT in exchange for a state tax credit that can be applied against the New Hampshire business profits, business enterprise, or insurance premium taxes. The state tax credit is equal to 75% of that contribution. In addition, the contribution may be treated as a charitable deduction to the extent the federal laws allow. Tax credit may be carried forward during a five-year period. After both state and federal tax benefits are accounted for, a contribution of $10,000 actually costs the company less that 11% or $1,100. LACLT is responsible for securing donations/pledges from for-profit companies with a New Hampshire state tax liability.
For more information about purchasing tax credits from LACLT in support of their Portfolio Strengthening Initiative contact Linda Harvey at 603-524-0747, or visit www.laclt.org.