Local Businesses Purchase $300,000 in Tax Credits to Support Forest Society North at The Rocks
BETHLEHEM, N.H. — Twelve businesses across the state have helped the Forest Society meet its 2022 goal for the New Hampshire Community Development Finance Authority Tax Credit Program. The Forest Society was awarded $300,000 in tax credits through the CDFA Tax Credit Program earlier this year to support the renovation of the Carriage Barn at The Rocks.
The Tax Credits are being used to renovate the 1884 Carriage Barn as a new program and event center at The Rocks, which will be known as the Forest Society North at The Rocks. The renovation will retain the historic exterior of the building and convert the interior into a net-zero energy efficient structure featuring geothermal and solar photovoltaic systems. The Rocks is a 1,400-acre property that serves as the organization’s northern New Hampshire campus and is an economic driver for the region.
The Forest Society wants to thank the following businesses for making contributions through the tax credit program:
- Badger Peabody & Smith Realty
- Grappone Management Company, Inc.
- Lumbard and Kellner, LLC
- Mascoma Bank
- Meredith Village Savings Bank
- Merrimack County Savings Bank
- Milestone Engineering and Construction
- Nathan Wechsler & Company
- Northway Bank
- ReVision Energy
- Union Bank
- Woodsville Guaranty Savings Bank
CDFA’s Tax Credit Program offers New Hampshire businesses the unique opportunity to invest in community economic development initiatives throughout the state. Projects supported through the Tax Credit Program are leading collaborative, community-based projects to address critical needs in the Granite State that bring together public and private resources to solve local challenges.
“We are so thankful to these local businesses for supporting the Forest Society,” states Jack Savage, president of the Society for the Protection of New Hampshire Forests. “In addition to creating a welcoming natural and cultural history destination, the Forest Society’s investment at The Rocks will allow professional conservation staff serving the North Country to be based at The Rocks. The Forest Society owns 17 forest reservations in the North Country. A greater presence at The Rocks will allow us to play a consistent role as a convener, educator, and economic engine in the North Country.”
The Forest Society is also in the process of purchasing 3,750 acres in Shelburne, known as the Mahoosuc Highlands.
Grants made to eligible projects are in the form of tax credit equity. Businesses with New Hampshire tax liability support awarded projects by purchasing the credits, resulting in the nonprofit receiving a donation and the company receiving a 75 percent New Hampshire state tax credit against that contribution. The credit can be applied against the Business Profits Tax, Business Enterprise Tax, or Insurance Premium Tax. The donation may also be eligible for treatment as a state and federal charitable contribution. For example, a company that purchases a $10,000 tax credit from the Forest Society, can apply $7,500 in tax credits on their business profits tax or other applicable taxes.
The Forest Society will be seeking additional businesses to make contributions through the tax credit program for 2023. Contact Anne Truslow, vice president of development, at email@example.com, for more information.
The Rocks is the North Country Conservation and Education Center of the Society for the Protection of New Hampshire Forests (www.forestsociety.org). The Forest Society is a non-profit membership organization founded in 1901 to protect the state’s most important landscapes and promote wise use of its natural resources. The landmark 1,400-acre property is listed on the National Register of Historic Places and offers agri-tourism and eco-tourism opportunities throughout the year. Forest Society North is a multi-year renovation project at The Rocks that started in 2020 and will be completed by fall 2023.
ABOUT THE COMMUNITY DEVELOPMENT FINANCE AUTHORITY
CDFA partners with New Hampshire businesses and investors to deliver much needed capital to support local community economic development initiatives throughout the Granite State. We have a proven model of investing in New Hampshire communities that amplifies your impact and achieves local priorities through public-private partnerships. More information on CDFA can be found here, https://nhcdfa.org/.
ABOUT THE FOREST SOCIETY
The Forest Society is a private, non-profit land trust and forestry organization established in 1901. The Forest Society also owns over 190 forest reservations constituting nearly 60,000 acres in 100 New Hampshire communities It currently holds more than 750 conservation easements statewide, thus together permanently protects more than 190,000 acres of New Hampshire’s landscapes for the benefit of nature and people.