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Press Release

For Immediate Release
January 22, 2013

Contact:
Communications Office
(603)271-2121

Governor Hassan Applauds Senate Committee for Recommending Passage of Increase in R&D Tax Credit

CONCORD – Emphasizing that the state's research & development tax credit is helping businesses innovate, grow, and create jobs, Governor Maggie Hassan today applauded the Senate Ways and Means Committee's unanimous vote to recommend passage of legislation doubling funding for the tax credit and permanently extending it.

Governor Hassan submitted a letter to the committee today in support of SB1, a bipartisan bill that would double the R&D tax credit and make the provision permanent.

The expansion of the R&D tax credit is a key component of Governor Hassan's "Innovate NH" jobs plan to help New Hampshire businesses succeed, attract new businesses to our state, and help ensure that small start-ups who find success here always call New Hampshire home.

"The doubling of the research-and-development tax credit, and its permanent extension, will send a strong signal to existing New Hampshire businesses and prospective businesses that the State of New Hampshire will continue to work with them to encourage innovation and invest in our economic future," Governor Hassan wrote.

Expanding the R&D tax credit has been a prominent topic during Governor Hassan's visits to businesses across the state to solicit input and ideas as she works to implement her innovation plan.

"As I travel our State, I hear often from both small and large businesses that they want state government to work collaboratively to develop a pro-growth environment and help them create good-paying jobs," Hassan's letter continued. "Many of the businesses I have visited have taken advantage of the R&D tax credit to develop new innovative products that are helping them grow and create jobs. The increase and extension of the credit will encourage more innovative businesses to come to New Hampshire and help our existing companies continue to prosper."

In addition to expanding the R&D tax credit, the Governor's "Innovate NH" jobs plan focuses on building the best workforce in the country by making higher education more affordable and on providing businesses with technical assistance to help them create jobs.

Governor Hassan's full letter to the Senate Ways and Means Committee is below.

Mr. Chairman and Members of the Committee:

I write to you today in support of the passage of SB1, increasing the research and development tax credit against the business profits tax. The doubling of the research-and-development tax credit, and its permanent extension, will send a strong signal to existing New Hampshire businesses and prospective businesses that the State of New Hampshire will continue to work with them to encourage innovation and invest in our economic future.

As I travel our State, I hear often from both small and large businesses that they want state government to work collaboratively to develop a pro-growth environment and help them create good-paying jobs. The R&D tax credit, adopted in 2007 and signed into law by my predecessor Governor Lynch, is an integral part of that collaborative effort.

Many of the businesses I have visited have taken advantage of the R&D tax credit to develop new innovative products that are helping them grow and create jobs. The increase and extension of the credit will encourage more innovative businesses to come to New Hampshire and help our existing companies continue to prosper.

I thank the bipartisan sponsors of SB1 for their work in support of New Hampshire's business community and economic future and I look forward to this bill's swift passage. Please let me know if I can be of further assistance in this important effort.

Sincerely,

Margaret Wood Hassan
Governor