Direct your business tax dollars to G.A.L.A.’s Makerspace & Incubator project!

Last year, through a very competitive grant process, G.A.L.A. was awarded $30k worth tax credits through the Community Development Finance Authority (CDFA).

As a business owners, you can purchase these credits that go against your enterprise, profits, and/or insurance premium tax liability, and effectively direct this money to our Makerspace & Incubator project instead of having it go to the general state slush fund.

It’s not a 1:1, but it’s pretty damn close – about 90% after the federal tax donation benefits are taken into account. Follow this link to better understand the breakdown: http://www.nhcdfa.org/tax-credits/tax-calculator

We’ve sold approximately $20K so far

Participating businesses will be included in a state-wide press release, social media, posters, email announcement, and sign in our prominent window on Bay St. in Wolfeboro.

Participating in the CDFA tax credit program a unique and attractive way for business to contribute to a charitable cause for three main reasons:

1) First, the CDFA, a state agency, has done the vetting for you. G.A.L.A. was allocated the tax credits through a competitive grant program that verifies our charitable 501(c)3 good standing and the fact that our project aligns with state economic development goals. Check.

2) Secondly, it allows a business to dramatically stretch the impact of their donation. For example, after tax deduction benefits, a $1,000 out-of-pocket donation translates to approximately $11,000 toward the respective project, as illustrated here: http://www.nhcdfa.org/tax-credits/tax-calculator The business gets PR and visibility for the full $11k as a “donation”, even though $10k is going to pay off their enterprise or profits tax liability. It looks more like a 75% ratio at first glance, until you factor in the federal tax deduction, which should bring it to approximately 85-90%

3. Lastly, this unique program allows a business to direct where their tax money goes – a local project they care about as opposed to the state slush fund.

G.A.L.A. has sold about $20k of the $30 allocated, through the support of Keller Williams Coastal, Made on Earth, Bradley’s Hardware, PSI Plastics, and Healing Frontiers. This leaves a remaining balance of $10k that we need to sell by the end of May 2019. Note that a business has up to 5 years to actually use the credits they purchase, so if the cash flow allowed, a company could purchase a year or more of projected liability and use those credits over the course of the next 5 years.

CDFA has made participating seamless and smooth. There are two steps listed here:

Step 1. Fill out the pledge form here: http://www.nhcdfa.org/electronic-pledge Be sure to select GALA’s project at this point – L5 Capacity Grant

Step 2. Execute the pledge. The end of that form tells you how to then execute the pledge. In order to receive the 2018 federal donation benefit, that credits have to be paid by the end of this calendar year.

If you have ANY questions about how this work, you can call Theresa Upstill from CDFA at 603-717-9103 or tupstill@nhcdfa.org

If you would like to learn more about why the G.A.L.A. Makerspace & Incubator project and how it will support job creation, workforce development, substance misuse prevention, and sustainable community building, please contact G.A.L.A. Director Josh Arnold at 603-569-1500 or email josh@galacommunity.org.

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