Governor Chris Sununu Statement On 200 New Hampshire Businesses Being Awarded Research and Development Tax Credits
Concord, NH – Following the news that the New Hampshire Department of Revenue Administration has awarded 200 New Hampshire businesses with Research and Development Tax Credits for the 2017 program year, Governor Chris Sununu issued the following statement:
"Today, I am pleased to announce that the New Hampshire Department of Revenue Administration will distribute $7 million to 200 New Hampshire businesses this year, fulfilling 92.4% of the total requested dollar amount for each company. I want to thank the republican leadership in the legislature for supporting the needs of our small business economy in New Hampshire and for Senator Jeb Bradley’s work to increase R&D Tax Credit from $2 million to $7 million in 2017, growing this program from only $1 million and 71 applicants when it began in 2008. Businesses receiving these tax credits have shown a commitment to our state, leading the way in high-tech manufacturing research and development. Programs like the R&D tax credit are an important tool for bolstering New Hampshire’s small business economy, particularly in the high-tech industry. When combined with reductions in business taxes and removing overly burdensome regulations on small businesses, programs like the R&D Tax Credit serve to promote the business-friendly environment that encourages business growth and job creation, sending a message to out-of-state companies that New Hampshire is open for business."