We recently purchased $10,000 in tax credits through the Community Development Investment Program (CDIP) in support of Wentworth Economic Development Corporation (WEDCO).
Tax credit contributions made to WEDCO provide the organization with the resources to continue providing economic development services and resources to local businesses and communities.
“We are so thankful for this generous contribution from MVSB,” said Denise Roy-Palmer, Executive Director for WEDCO. “These tax credit purchases play a huge role in making it possible for us to continue our valuable work in the eastern Lakes Region. By assisting already established and developing businesses in their endeavour to be successful, WEDCO helps to create and maintain jobs for our area residents – a task that we all know is not easy in today’s economy.”
Contributions made through the Community Development Investment Program (CDIP) allow businesses to make a significant impact in the community by channeling tax dollars they might otherwise pay to the State’s general fund, to building economic capacity within their communities. Investors like MVSB may use the 75% credit at any time during a period of five consecutive years, and it may be applied against New Hampshire business profits, business enterprise, and/or insurance premium taxes. The investment is also eligible for treatment as a federal charitable contribution.
The Wentworth Economic Development Corporation is a private, non-profit regional lender serving businesses of all sizes in the New Hampshire communities of Brookfield, Effingham, Farmington, Middleton, Milton, Moultonborough, New Durham, Sandwich, Tuftonboro, Wakefield, Wolfeboro, etc. Its mission is to promote and support businesses and the creation of employment opportunities by providing development assistance and financing. For more information please visit www.wedco-nh.org
Photo Caption: (Right to Left) AVP Branch & Business Development Manager, Marcus Weeks presents a $10,000 check to Denise Roy-Palmer, Executive Director for Wentworth Economic Development Corporation (WEDCO).