MANCHESTER, NH – The Palace Theatres will be able to make much-needed upgrades to its Youth Theatre outpost on Pine Street thanks to a boost from Brady Sullivan Properties, which has pledged $63,000 to purchase NH Community Development Finance Authority (CDFA) tax credits in support of PYT’s Forever Emma Studios.
The generosity of Brady Sullivan Properties will support safety and accessibility improvements at Forever Emma Studios, including the installation of a lift and ramp at the facility. As part of its mission, Palace Youth Theatre is dedicated to building community by increasing access to the performing arts for youth.
“The Palace Theatre is truly the heart and soul of Manchester,” said Arthur Sullivan, Brady Sullivan Properties partner. “Not only does each performance drive an outstanding number of individuals to the Palace, but to our city and state as well. The Palace also embraces and encourages our youth to explore their creative passions in a safe space through the Palace Youth Theatre’s Forever Emma Studios, and we are extremely grateful to be in the position to support the Palace Theatre and Emma Studios with the purchase of the CDFA tax credits.”
According to its website, CDFA’s Tax Credit Program awards approximately $5 million in tax credits annually in a competitive grant round. The program aims to support organizations that are engaged in community economic development initiatives that show a high degree of community support, build partnerships and leverage other resources. 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.
Palace CEO and President Peter Ramsey said the partnership will help in continuing the theater’s efforts in bringing the gift of performance opportunities to young people who find confidence and camaraderie through participation in live theatre.
“We’re really grateful for Brady Sullivan Properties’ contribution to our organization. The Palace strives for inclusivity, so this pledge is truly a gift to our entire community. Every kid deserves to feel welcome here,” Ramsey said.