Governor Hassan Announces 184 Businesses Awarded R&D Tax Credit

Press Release

Continuing her efforts to support innovative, job-creating businesses, Governor Maggie Hassan and Department of Revenue Administration (DRA) Commissioner John Beardmore announced today that 184 New Hampshire businesses received tax credits in 2015 as part of the state's research & development tax credit program.

"Our R&D tax credit program is an important tool to support job-creating businesses across the state, helping them invest in the development of new, innovative technologies that spur economic growth and job creation," Governor Hassan said. "Since 2008, the R&D tax credit has helped hundreds of New Hampshire businesses innovate, grow and thrive, and I am proud that we worked across party lines in 2013 to expand this important program. I look forward to continuing to work with legislators from both parties to keep state government responsive to the needs of the business community, build on our bipartisan efforts to support innovative businesses and keep New Hampshire's economy moving in the right direction."

Upon entering office in 2013, Governor Hassan made doubling and making permanent the research & development tax credit program a top priority and 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 program provides a boost to businesses of all sizes and from every corner of the state," DRA Commissioner Beardmore said. "And for the third year in a row, 75 of the companies receiving the tax credit reported less than $500,000 of qualified wages, demonstrating that the program continues to support smaller businesses in their efforts to grow and create jobs."

Since entering office, Governor Hassan has focused on supporting innovative businesses and encouraging innovation to help expand middle class opportunity and keep New Hampshire's economy moving in the right direction. Last year, she launched Live Free and Start, an initiative that brings together business leaders and entrepreneurs to focus on making it easier for start-ups to grow and flourish in the Granite State. Earlier this year, she signed bipartisan bills modernizing the state's securities regulations and easing the process for registering a business in the state, which were both priorities of Live Free and Start.

New Hampshire's research & development tax credit is available to businesses with expenditures during the fiscal year for qualified manufacturing research and development, based upon 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 2014, 166 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.

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