To The Daily Sun,
On behalf of working families and the Laconia Area Community Land Trust (LACLT), I am appealing to businesses for help. By Dec. 31, LACLT needs to secure pledges to purchase the remaining $60,000 in state tax credits they have available to sell. The actual purchase/payment can be completed any time between the signing of the Pledge Agreement and June 30, 2016.
LACLT has been providing safe, quality and affordable housing for our workforce and their families in the Lakes Region for more than 20 years. They have 538 residents, including more than 200 children, occupying 245 units with 32 under construction, and to date in excess of $68 million invested. After years of great service, some 60 of these earlier units require rehab. Will your business consider making these needed upgrades a reality?
The Tax Credit program enables your business to contribute cash to our project in exchange for a state tax credit, equal to 75 percent of your donation that can be applied against the New Hampshire business profit, business enterprise, and/or insurance premium taxes.
Additionally, the contribution can be treated as a charitable deduction to the extent that federal and state law allow. Currently, it only costs a business $109 (or 10.9 percent) out-of-pocket to make a $1,000 donation; $750 is a direct payment against New Hampshire taxes. The purchase is considered a charitable donation when filing state and federal taxes and reduces your tax obligation generally by another $140. In addition, a national organization will match the tax credits sold.
The tax credits purchased may be used on payment or anytime during a period of five consecutive years. It is a simple process. A pledge agreement is signed and on the agreement the donor/buyer indicates the amount of their donation and when they would like to be invoiced. The purchase must be completed by June 30, 2016. When the business pays the invoice, NHCDFA issues a receipt that is used when filing state and federal taxes. A $1,000 purchase/donation out-of pocket cost is approximately $110 and with matching grants nets LACLT about $2,500.
Please consider putting the business tax dollars your business pays back into a community asset — quality and affordable workforce housing.
On behalf of LACLT team and residents, thank you.
Eliza Leadbeater, Volunteer
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