Low tax burden:
Taxes DO make a difference to a company Other northeastern states offer financial incentives in the form of cash payments for new employment, tax reimbursement programs, tax credits, and/or temporary reduction in corporate income taxes. These programs are noisy distractions. The bottom line is that other states try to temporally defer the pain of their high taxes. But at some point you will have to pay for the incentive programs they offer you. Also, have you ever tried getting a cash back rebate after you bought a new personal computer? Try getting a tax cash rebate from Government! Once your tax money is in the hungry hands of government--it takes detailed paper work, time, and a CPA to get some of your money back. Quality of Life: As the Most Livable State in the U.S. for the last five consecutive years,* the third Healthiest State in the U.S., and the second lowest crime rate in the nation, New Hampshire offers exceptional quality of life: For more information and confidential follow up, contact: Michael Bergeron, or Cindy Harrington
Other
(603)
mbergeron@dred.state.nh.us
charrington@dred.state.nh.us
Financial Services
Economic Revitalization Zone Tax Credits (Formally CROP Zone)
The state offers a program called Economic Revitalization Zone Tax Credits. Economic Revitalization Zone Tax Credits, which is a short term, tax credit against the business profits and enterprise taxes. To qualify, the location must meet certain demographic criteria, or be in an unused or underutilized industrial park, or vacant land, or structures previously used for industrial, commercial, or retail purposes but currently not so used, or Brownfield site.
Community Development Block Grant
This assistance can be in the form of a grant to the municipality for a public infrastructure improvements on behalf of an expanding business or a loan to the business itself. The maximum amount of funding available for any given project is $500,000, regardless of size of the community applying for the grant. All grants are one-year duration, and one job must be created for each $20,000 in CDBG funds granted. The key to this federal program is that a minimum of 60% of the jobs created must be filled by low and moderate-income persons.
Coos County Job Creation Tax Credit
This is a tax credit to businesses hiring new employees in COOS County and paying wages equal to or above 200 percent the calendar year minimum wage. The credit is $1,000 for any new, full-time, year-round jobs applied to the Business Enterprise Tax, but any unused portion of the credit can be applied to the Business Profits Tax.
Customized Job Training Program
Grants require a 1:1 cash match. The maximum grant request is $20,000 per company. This is a customized training program and can be facilitated through the New Hampshire Community Technical College System or third party vendor.
Energy Efficiency Loans
In cooperation with People's United Bank, New Hampshire offers a low interest loan (1% below prime) for the purchase of new energy efficient equipment. The state also offers free site visits to determine a strategy for improving energy efficiency; Free industrial assessments to eligible small and medium-sized manufacturing plants; Research connections with university faculty for energy related projects; Educational venues including workshops on industrial technologies developed and taught by US DOE Best Practices professionals; and links to potential grants and rebate programs from utilities and Federal programs.
Research and Development Credit
During the 2007 session, the Legislature enacted a research and development credit against business taxes paid to the state of
Business organizations that have expenditures made during the fiscal year for qualified manufacturing research and development. "Qualified manufacturing research and development" expenditures are wages paid to employees of the business organization for services rendered in
This program is only for manufacturers' companies which manufacture or produce tangible personal property. At least 75% of bond proceeds must be spent on core manufacturing space and equipment. Storage, office and R&D space must be excluded from this calculation. To be cost effective, loans must be between 1.5 and 20 million dollars. The interest rate is about 70% of prime and can be used for the purchase of land, buildings, and capital equipment.
- Loan Guarantees
For companies that need credit enhancement, the state offers the Capital Access Program, Working Capital Line of Credit Guarantee, and Guarantee Asset Program.
- Import/Export Loans
The state also offers Foreign Buyer Credit, Export-Import Bank of the
- SBA 504 Program
Loan Program is designed to work in conjunction with commercial banks to provide 90% long-term, fixed-rate financing for small to medium-sized businesses in owner occupied buildings that provide employment opportunities.
Business Services
- Federal Contract Procurement
The Procurement Technical Assistance Program (PTAP) is sponsored by the State of New Hampshire Business Resource Center and the Defense Logistics Agency. This national program provides specialized and professional assistance to individuals and businesses seeking to learn about contracting and subcontracting opportunities with Department of Defense (DOD), other federal agencies, or state and local governments.
- Export/Import Assistance
The New Hampshire International Trade Resource Center (ITRC), managed by the Office of International Commerce, plans, develops, and administers programs for international trade promotion and foreign market development for New Hampshire companies. The center also houses the U.S. Department of Commerce, the U.S. Export-Import Bank, the U.S. Small Business Administration, the NH Small Business Development Center, the U.S. Agency for International Development, and the New Hampshire International Trade Association. - Help with Early Stage Research
The New Hampshire Industrial Research Center (IRC) has a matching grant program whereby New Hampshire industrial companies can apply for State subsidized technical assistance from the University of New Hampshire, Dartmouth College and Dartmouth Medical School. Areas of technical assistance include product and process R&D, biotechnology, hardware/software development, materials characterization, process troubleshooting, pollution prevention, quality improvement, automation, equipment design, as well as manufacturing work flow and operations improvement. - Assistance in Starting a Small Business
The New Hampshire Small Business Development Center offers free, one-on-one, confidential business counseling, low cost training programs, and access to information and referral. Specialized services include environmental counseling, manufacturing assistance, international trade programs, and innovative economic development initiatives. - Manufacturing Consulting
The New Hampshire Manufacturing Extension Partnership (MEP) provides low cost consulting services, including lean and agile supply chain management, product development, technology transfer and commercialization; quality management, including compliance with ISO 9000/14000 certification requirements; information technology (IT) management; plant layout, equipment specification, and health, safety, energy and environmental issues.
For additional information on incentive programs, real estate surveys, wage/benefit data, tax comparisons by state, and information about why New Hampshire is the right place for your company, contact:
Michael Bergeron or Cindy Harrington (we keep all contacts confidential)
New Hampshire Business Resource Center
(603) 271-2591 or 1-800-417-4110.
New Hampshire's state motto, "Live free or die," represents the state's Puritan minded roots that exemplify independence, frugality, and industry. Freedom is the essence of economic independence and New Hampshire is the best state in the U.S. to keep this independence and grow your company. We look forward to your call.
*The Most Livable State, third Healthiest State and second Safest State annual awards are designated by Morgan Quitno Press, which bases its awards on extensive statistical data.