Concord, NH, May 18, 2011 --(PR.com
)-- The state's Division of Economic Development, in light of current economic conditions, is pleased to announce that millions of dollars in credits and grants are available in 2011 for businesses to help them expand, train their personnel, and innovate across service functions.
To support businesses by raising awareness for these opportunities, the Division offers this quick overview of NH’s five main business tax credit and matching grant opportunities:
1. NH Job Training Fund.
As the Fund's website notes, “Talent development is a major component of New Hampshire’s economic vitality, and businesses large and small realize the importance of a skilled and educated workforce.” The fund matches 1:1 for employee training through NH’s community college system, or through private training if the classes aren’t available in any of those seven colleges.
2. Community Development Investment Program (CDIP).
Also known as the Tax Credit Program, the state’s Community Development Finance Authority (CDFA) created this program to “enable businesses to invest cash, securities, or property to fund economic or community development projects in exchange for this 75% tax credit which can be applied against any or all three of the business profits, business enterprise, or insurance premium taxes.” When federal tax benefits are factored in on top of that, the savings grow larger.
3. Economic Revitalization Zone (ERZ) Tax Credits.
Various municipalities in NH have applied for and been approved as Economic Revitalization Zones, and businesses which create new jobs in any of these areas may be eligible, according to the state’s Division of economic Development, for “tax credits to be used against your Business Profit Tax and Business Enterprise Tax” (the two forms of business tax in New Hampshire).
4. Research and Development Credit.
Though manufacturing companies are often cited as being the primary beneficiaries of this program, CPA firm Nathan Wechsler & Company of Concord notes that other companies can take advantage of this credit based on activities that companies “undertake every day to stay competitive.” The credit can reach up to $50,000 per year to be applied against the Business Profit Tax and Business Enterprise Tax, and can be carried forward into future years as well.
5. Coos County Job Creation Tax Credit.
Businesses looking to expand, relocate, or redomesticate to the northern part of the state may be eligible for an additional tax advantage, depending on wages paid. For each new job paying at least 150 percent of minimum wage, a business can receive a $750 credit against its business taxes per job for each of the next five years. A company that creates a job paying 200 percent of minimum wage receives a $1,000 credit for each job, for each of the next five years.
With programs like these, the Division of Economic Development is confident that savvy businesses - including life insurance companies and property/casualty insurance companies - will see savings in their training expenditures, innovation activities, job creation, and community investments.
About Redomesticate NH
A multi-year partnership between the NH Insurance Department and the Division of Economic Development, the Redomesticate NH initiative educates decision makers for life, property, and casualty insurance companies about the benefits of domiciling their companies in New Hampshire. Centered around a reduction of the premium tax to 1.25%, the state also offers insurance companies a highly-educated workforce, move-in-ready commercial real estate, responsive regulators, a high quality of life, and an overall business-friendly environment. Learn more at http://www.RedomesticateNH.com, on Facebook at http://Facebook.com/RedomesticateNH, and on Twitter at http://twitter.com/RedomesticateNH.