Posted by Jeffrey M. Feingold on 07.31.14
Governor Hassan Announces 166 Businesses Awarded R&D Tax Credit
As found on the Official New Hampshire Government Website
CONCORD – Continuing efforts to support innovative, job-creating businesses, Governor Maggie Hassan and Department of Revenue Administration (DRA) Commissioner John Beardmore announced today that 166 New Hampshire businesses received tax credits in 2014 as part of the state’s research & development tax credit program.
“The state’s R&D tax credit has provided a boost to hundreds of businesses since 2008, helping them invest in the development of new, innovative products that spur growth and create jobs,” Governor Maggie Hassan said. “I am proud that legislators from both parties came together last year to expand this important program, which has seen an increase in applications each year that it has existed. I look forward to building on our bipartisan efforts to support innovative businesses and keep New Hampshire’s economy moving in the right direction.”
Last year, Governor Hassan prioritized expanding the research & development tax credit program as a key component of her “Innovate NH” jobs plan. The Governor worked across the aisle to help pass the expansion with overwhelming bipartisan support, signing legislation that doubled the tax credit and made it permanent in March of 2013.
“New Hampshire’s R&D tax credit helps businesses of all sizes across the state,” DRA Commissioner Beardmore said. “For the second year in a row, over 70 of the companies receiving the tax credit reported less than $500,000 of qualified wages, signaling that smaller businesses continue to take advantage of this important credit to help them grow and create jobs.”
Governor Hassan has focused on helping existing businesses grow and attracting new, innovative companies to New Hampshire in order to create jobs and expand opportunities for middle class families. In addition to expanding the research & development tax credit, Governor Hassan strengthened New Hampshire’s workforce pipeline by freezing in-state tuition at the university system and reducing it at community colleges, revitalized the state’s economic development and international trade efforts, and launched Live Free and Start to make it easier for start-ups to grow and flourish in the Granite State.
New Hampshire’s research & development tax credit is available to businesses with expenditures during the fiscal year for qualified manufacturing research and development, which includes wages paid to employees for services rendered in New Hampshire that qualify and are reported as a credit by the business organization under section 41 of the Internal Revenue Code. In 2013, 155 companies received the tax credit. For more information on the research & development tax credit program, visit http://www.revenue.nh.gov/faq/research-development.htm.