Lawmakers tout tax credits at research bill's signingState House Bureau
March 22. 2013 12:51AM
CONCORD - One of the top priorities for Republican and Democratic lawmakers and Gov. Maggie Hassan is now law, doubling the research and development tax credit for businesses.
"By doubling funding for the R and D tax credit, we can help more businesses develop in New Hampshire the new products that can lead to growth and job creation," Hassan said at a bill signing ceremony at the State House Thursday. "Making the credit permanent will also help businesses who might need the credit down the road to plan ahead.
Joining Hassan at the ceremony were the bill's prime sponsor Sen. Bob Odell, R-Lempster, and other members of the legislature, representatives from the economic development community, and New Hampshire businesses that have used the tax credit, including Val Zanchuck, president of Graphicast in Jaffrey.
"As a manufacturer, we have to constantly upgrade our manufacturing methods and processes to maintain a competitive business," Zanchuck said.
"New product development and process improvements are our R and D. For us, this R and D does not take place in a laboratory, it takes place on the shop floor. The R and D tax credit helps provide resources that we reinvest to improve and accelerate these activities."
The bill doubles the annual credit from $1 million to $2 million and makes it permanent.
The credits are oversubscribed, with more companies applying for credit than can be awarded.