To encourage innovation and support the efforts of New Hampshire businesses to create jobs, Governor Maggie Hassan and Department of Revenue Administration (DRA) Commissioner John Beardmore announced today that 155 companies have received tax credits under the state's newly expanded research & development tax credit program.
Earlier this year, Governor Hassan signed into law SB 1, bipartisan legislation that doubled the amount available for the R&D tax credit from $1 million to $2 million and made the tax credit permanent, a key component of the Governor's Innovate NH jobs plan. All businesses that applied for the tax credit this year were approved for a portion of the $2 million available.
"Doubling and making permanent New Hampshire's R&D tax credit was a critical component of our innovation plan in order to help more New Hampshire businesses develop new products that can lead to growth and job creation," Governor Hassan said. "With 155 businesses receiving the R&D tax credit this year, it's clear that there is strong demand for this important program. The continued success of our R&D tax credit will be an integral part of our efforts to build a stronger, more innovative New Hampshire economy."
"New Hampshire's R&D tax credit program is beneficial to both small and large businesses throughout the state," said DRA Commissioner Beardmore. "In fact, 76 of the companies receiving the tax credit reported less than $500,000 of qualified wages, demonstrating that small, growing companies are taking advantage of this important credit."
The state's research & development tax credit is available to business organizations that have expenditures made during the fiscal year for qualified manufacturing research and development. Qualified manufacturing research and development expenditures include wages paid to employees of the business organization for services rendered in New Hampshire which qualify and are reported as a credit by the business organization under section 41 of the Internal Revenue Code.