166 NH Businesses Awarded Research & Development Tax Credits

By Joe Gullo

Published 07/30 2014 12:20PM

Updated 07/30 2014 12:22PM

CONCORD, N.H. - Governor Maggie Hassan and Department of Revenue Administration (DRA) Commissioner John Beardmore announced 166 New Hampshire businesses received research & development tax credits in 2014.

A press release says the state's research and development tax credit is available to businesses with expenditures during the fiscal year for qualified manufacturing research and development under section 41 of the Internal Revenue Code.

“The state’s research and development 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,” Gov. 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.”

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.

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