CONCORD - Gov. Chris Sununu today hailed news that the New Hampshire Department of Revenue Administration has awarded 223 New Hampshire businesses with Research and Development Tax Credits for the 2019 program year.
"I am pleased to announce that the New Hampshire Department of Revenue Administration will distribute $7 million to 223 New Hampshire businesses this year - a 5.7% increase in distributed awards from the 2018 program year," Sununu said today. "Given the increase in applicants, we were able to fulfill 82.7% of the total requested dollar amounts for each company, a sign that demand for the program continues to grow as New Hampshire's economy booms and companies pursue new opportunities."
The R&D Tax Credit Program has grown from only $1 million and 71 applicants in 2008 to $7 million and 223 applicants today.
Sununu added that his administration remains committed to fostering a pro-development economic climate - one in which New Hampshire's job-creators thrive as a result of lower taxes, decreased regulation, and greater opportunity for innovation.
"This program is a bellwether for the strategic investments that our businesses are making in New Hampshire. The investments that the R&D Tax Credit Program enables will pay dividends for years to come" Sununu added.