CONCORD — More than 220 New Hampshire businesses are receiving a share of $7 million in tax credits under the state research and development (R&D) tax credit program, Gov. Chris Sununu said Monday.
The number of companies receiving credits for 2019 is 223, up slightly from 211 last year, Sununu said.
“This program is a bellwether for the strategic investments that our businesses are making in New Hampshire,” Sununu said in a statement. “The investments that the R&D Tax Credit Program enables will pay dividends for years to come.”
The program continued to see an increase in the number of businesses applying for the grants. In 2008, 71 applicants split $1 million in R&D tax credits.
By 2017, the number of companies increased to 200 and the amount of funds available was up to $7 million, which remained the cap for 2019, said Lindsey Stepp, commissioner of the New Hampshire Department of Revenue Administration.
“When companies invest in research and development, this is a way that the state can give back to them for the work that they’re doing,” Stepp said Monday.
Sununu said the grants will cover 82.7% of the total amount requested. Companies could apply for a maximum of $50,000 in tax credits.
Because of the expanded pool of applicants, the maximum share allotted for individual companies for 2019 came in at a pro-rated amount of $43,334, Stepp said.
Notifications started going out Friday to the companies awarded the grants, Stepp said.
