House panel OKs R&D credit

The House Ways and Means Committee Wednesday voted to endorse creation of a research and development tax credit.

Under Senate Bill 134, a company would be able to claim up to $50,000 annually in credits against the business profits tax or business enterprise tax. The measure would limit use of the credit by businesses statewide to $1 million a year.

Supporters of the measure – who include Gov. John Lynch — will provide incentives for companies to expand and create jobs in New Hampshire.

“Companies that innovate create jobs and strengthen our economy, and this research and development tax credit will help attract and keep those innovative companies and jobs in New Hampshire,” the governor said in praising the panel’s vote. “This tax credit for research and development is a small investment, with the potential for a big payoff for our economy and our citizens.” – JEFF FEINGOLD