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An Innovation in Childcare
The Bringing It Home Project (BIHP) is a regional initiative meant to improve childcare accessibility by creating home-based childcare providers in the Monadnock Region. By empowering entrepreneurs, the program aims to create 10 new home-based providers by 2025, adding an additional 60 – 120 childcare slots in the region.
Through a collaboration among local agencies, aspiring home-based childcare providers are solicited and carefully vetted. They then receive free licensure consultation, business planning services, childcare provider training, and a grant that will pay for housing improvements needed for licensure.
The initiative is led by a cohort of local and regional agencies including the Monadnock United Way, Monadnock Economic Development Corporation, Hannah Grimes Center for Entrepreneurship, Keene State College, New Hampshire Charitable Foundation, and the Cheshire Children's Museum.
MEDC was awarded a tax credit grant award in June 2023, which will help providers make home improvements necessary to gain licensure as a home-based childcare provider.
The BIHP team is looking for businesses interested in purchasing state tax credits. The grant comes in the form of tax credit equity, which means that businesses would need to purchase state tax credits before money for the program is available. Businesses can indicate interest in purchasing Community Development Investment Program (CDIP) tax credits in writing to the BIHP team and request pledge information.
Purchasing CDIP tax credits also gives businesses the ability to have a say in where their tax dollars go. Instead of paying state business taxes as normal, they can go towards improving childcare access in our region.
By purchasing purchasing tax credits, you are helping expand childcare access in the Monadnock Region.
CDIP tax credit contribution breakdown
· 75% goes towards NH Business Profits, Business Enterprise, or Insurance Premium Tax, for up to five years.
· 12% - 15% can be applied towards other state and federal tax liability. Consult a tax professional for details.
· In total, approximately 75% - 90% of contributions can be claimed as tax credits and deductions.