NH News
2:48 pm
Tue August 6, 2013

155 Businesses Approved For Expanded R&D Tax Credit

One hundred fifty five New Hampshire companies have been approved for the state’s recently expanded research and development tax credit.

Every business that applied to the Department of Revenue Administration was approved for a portion of the two million dollars available.

The tax credit is available to businesses that spend money on manufacturing research and development.

Governor Maggie Hassan supported doubling funding for the R&D tax credit from $1 million to $2 million.

A bill that permanently increased the tax credit sailed through the House and Senate, with Hassan signing it into law in March.

Roughly half of the businesses receiving the credit reported less than five hundred thousand dollars of qualified wages, which Hassan says shows that small, growing companies are benefiting from the program.

The list of businesses receiving the tax credit is not publicly available.