GOVERNOR LYNCH PRAISES PASSAGE OF RESEARCH AND DEVELOPMENT TAX CREDIT
BYLINE: States News Service
DATELINE: CONCORD, NH
The following information was released by the office of the governor of New Hampshire:
Gov. John Lynch today applauded the passage of legislation creating a research and development tax credit, which will provide incentives for companies to expand and create jobs right here in New Hampshire.
Gov. Lynch believes the research and development tax credit, along with the Renewable Energy Act, legislation, the re-institution of the Job Training Fund and the reauthorizing of community reinvestment and opportunity zone credits, will help ensure New Hampshire's future economic growth.
"New Hampshire's economy is strong, but we must act now to secure our future economic growth and to continue to attract jobs and businesses to New Hampshire. Companies that innovate create jobs and strengthen our economy, and this research and development tax credit, along with several of our other initiatives, will help attract and keep those innovative companies and jobs in New Hampshire. This tax credit for research and development is a small investment, with the potential for a big payoff for our economy and our citizens," Gov. Lynch said.
The research and development tax credit, Senate Bill 134, will provide up to $1 million a year in tax credits to help companies to reinvest in their development and growth. A single company can earn up to $50,000 annually in credits.
Gov. Lynch recently signed the Renewable Energy Act into law which will help increase New Hampshire's energy independence, build a stronger economy and protect the environment by helping to stem global warming. Increasing renewable energy production will create jobs in New Hampshire by expanding uses for wood products, in building clean power plants, and in research and development.
The economic benefits is one of the reasons that the Governor's Jobs Cabinet has made increasing renewable energy production in New Hampshire one of its key initiatives.
The Job Training Fund will allow New Hampshire workers - and the companies that employ them - to continually master the new skills and new technologies they need to compete globally. The Fund will provide up to $1 million annually in matching job training grants.
On Thursday, the House also passed legislation, Senate Bill 137, reauthorizing community reinvestment and opportunity (CROP) zone credits will help attract businesses to New Hampshire.
"With the passage of these initiatives, we are working to secure New Hampshire's economic prosperity for the future," Gov. Lynch said.