Meredith Village Savings Bank (MVSB) recently purchased $75,000 in tax credits from the New Hampshire Community Development Finance Authority (CDFA) to support the Historic Belknap Mill in Laconia, NH. The Bank’s investment will allow the Mill to maintain its 196 year old structure, as well support the museum’s cultural and educational programming for NH Lakes Region residents and visitors.
The Belknap Mill is comprised of four-stories and houses a museum, art gallery, event venue for businesses, civic organizations and weddings in its unique location. Designated as the official meetinghouse for the state of NH, it is also the oldest unaltered brick textile mill in the U.S. and features the country’s earliest hosiery factory. The Belknap Mill is the Lakes Region’s year-round art and history center, and aims to preserve itself as a unique gathering place for award-winning cultural and educational programs.
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.
“We’re so thankful to Meredith Village Savings Bank for their generosity,” said Karen Prior, Executive Director for Belknap Mill. “Contributions like this one make it possible for us to continue sharing the arts, education and important history to members of the community and beyond. Through our programming we are able to align the history of our region with the technology of the future.”
“Meredith Village Savings Bank and our employees are thrilled to support the Belknap Mill. We’re especially proud to further their mission of becoming an epi-center for culture and education,” said Rick Wyman, President of Meredith Village Savings Bank. “It’s very rewarding to be able to make contributions to outstanding organizations like this one. The Belknap Mill represents a significant time during the industrial revolution. It’s remarkable that a building of such historic importance resides here in our backyard. ”
Donations and memberships support the mission of the Belknap Mill, enhancing the program offerings for all residents and visitors of the Lakes Region community. For more information about the Belknap Mill, visit belknapmill.org.