MVSB recently purchased $5,000 in tax credits through the Community Development Investment Program (CDIP) in support of the WOW Trail in Laconia. In addition to this contribution, the Bank also served as a Festival sponsor for the Trail’s recent “WOW Fest” fundraiser and several MVSB employees participated in the festival’s events.
“We are so thankful for this generous contribution from MVSB,” said Gretchen Gandini, Executive Director for the WOW Trail. “Tax credits are an important part of our fundraising efforts and make it possible for us to continue to expand and maintain this important recreational resource for the Lakes Region.”
Contributions 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 or federal government 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.
“We are very proud to support the expansion efforts of the WOW Trail with this contribution,” said Cindy Hemeon-Plessner, Vice President and Marketing Officer at MVSB. “The Trail provides a great service to our community – improving our local citizens’ quality of life and contributing to the economic vitality of the Lakes Region.”
The WOW Trail is a multi-use recreational rail trail built alongside the active railroad line through the City of Laconia. Currently 1.3 miles in length, the Trail spans from behind Lake Opechee Inn & Spa in Lakeport to North Main Street near downtown. Plans are underway to expand the Trail to the Belmont town line. For more information, contact WOW Trail at 520-8952, visit www.wowtrail.org or email: info@wowtrail.org.
