Cooperative Alliance for Seacoast Transportation, more commonly known as COAST, was awarded $400,000 in tax credits as part of the New Hampshire Community Development Finance Authority’s (CDFA) recent funding cycle. COAST was one of just 19 organizations to receive a portion of the $5 million in funding available through the very competitive Tax Credit Program.
Grants made to organizations are in the form of tax equity. New Hampshire businesses can support the selected projects by purchasing the tax credits from the recipient organizations, 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.
CDFA funds support initiatives that advance local community economic development goals, capacity building for the New Hampshire nonprofit sector, and support for economic development across the state. The NH CDFA Tax Credit Program is unique and not used by any other state to support the nonprofit sector in this way.
COAST is celebrating its 40th anniversary of providing public transportation to the Seacoast region. In the last 15 years in particular, COAST has experienced its most significant growth. In order to better meet its current operational needs, be responsive to future demand and reduce its environmental impact, COAST plans to build a new facility on its current property in Dover. The project, which will be funded through a combination of funding from federal, state (including the CDFA tax credits), local and private sources, is an investment in both the regional economy and in climate action.
“We are honored to be among the organizations receiving CDFA funding this year. Tax credits are a key part of the funding strategy for building a new facility to support the administration, operations, and maintenance of COAST’s public transportation services on the Seacoast,” said Rad Nichols, Executive Director of COAST. “The project supports increased access to reliable public transportation, an essential service for local residents and economic driver in the region.”
More information about COAST’s plans for their new facility can be found at www.coastbus.org.
About COAST
Cooperative Alliance for Seacoast Transportation (COAST) is a 501(c)3 nonprofit organization whose mission is to champion and provide customer-focused public transportation with a commitment to excellence in safety and service. COAST is funded primarily by federal and local government support. COAST is governed by a board of directors representing the communities served, two regional planning commissions, and many local and state agencies. For more information, visit www.coastbus.org.