Bill > SB276

This bill raises the research and development (R&D) tax credit for qualified manufacturing businesses by increasing two key parameters: the total aggregate tax credits available and the maximum credit per entity. Specifically, the bill increases the total annual aggregate tax credit amount from $7 million to $10 million and raises the maximum credit per taxpayer from $50,000 to $100,000. The tax credit allows businesses to offset their tax liability for qualified manufacturing research and development expenses, with credits that can be used over the subsequent 5 tax years. Businesses must apply for the credit by June 30 following the tax year in which the research and development occurred, and the state will determine the final credit amount by September 30 each year. The bill is designed to incentivize and support manufacturing research and development in the state, potentially encouraging innovation and investment in the manufacturing sector. The changes will take effect on July 1, 2026, and are expected to potentially decrease state revenue by up to $3 million in the first year of implementation, though the exact fiscal impact is considered indeterminable by the state's Department of Revenue Administration.

Budget and Finance

https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=1027&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=SB276