New Hampshire Incentives and Workforce Development Guide

NH Incentives | Finance, Loans, IRB, Workforce Development


http://businessfacilities.com/2016/03/nh-incentives-and-workforce-development-guide/
A comprehensive list of New Hampshire financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.

New Hampshire Incentives and Workforce Development Guide

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New Hampshire Incentives and Workforce Development Guide

For a list of New Hampshire economic development agencies that can help with the site selection process, visit our Online Site Seekers’ Guide.

 

BUSINESS SERVICES

New Hampshire Government Contracting Assistance Center: A cooperative program of the New Hampshire Division of Economic Development and the U.S. Department of Defense, Defense Logistics Agency, providing specialized assistance to businesses seeking assistance with contracting and subcontracting opportunities with the Department of Defense, other federal agencies or state and local governments.

New Hampshire Office of International Commerce: Plans, develops and administers programs for international trade promotion and foreign market development for New Hampshire companies; oversees the Export Expansion Fund, which helps businesses expand into global markets. OIC also works with the U.S. Department of Commerce; U.S. Export-Import Bank; U.S. Small Business Administration; New Hampshire Small Business Development Center; the U.S. Agency for International Development and the New Hampshire International Trade Association.

 

FINANCING & GRANTS

Community Development Block Grant (CDBG): Assistance can be in the form of a grant to the municipality for the public infrastructure improvements on behalf of an expanding business or a loan to the business itself. The maximum amount of funding available for any given project is $500,000, regardless of size of the community applying for the grant. All grants have one-year duration and one job must be created for each $20,000 in CDBG funds granted. A minimum of 60% of the jobs created must be filled by low and moderate income persons.

Industrial Revenue Bonds: This program is for manufacturers only; companies that manufacture or produce tangible personal property. At least 75% of bond proceeds must be spent on core manufacturing space and equipment. Storage, office and R&D space must be excluded from this calculation. To be cost effective, loans must range between $1.5 million and $10 million dollars. The interest rate is about 70% of prime and can be used for the purchase of land, buildings and capital equipment.

 

TAX INCENTIVES

No Sales Tax

No Use Tax

No Inventory Tax

No Capital Gains Tax

No Broad-base Income Tax

No Professional Service Tax

Coos County Job Creation Tax Credit: A tax credit to businesses hiring new employees in Coos County and paying wages equal to or above 200% of minimum wage ($7.25 per hour). The credit is $1,000 for any new, full-time year-round jobs applied to the Business Enterprise Tax; any unused portion of the credit can be applied to the Business Profits Tax. All new jobs created after the bill’s effective dates are eligible for the credit and there is no cap on the amount of jobs created. The carry forward is five years.

Economic Revitalization Zone Tax Credits (ERZ): Tax credits against the business profits and enterprise taxes. To qualify, the business must be located in an unused or underutilized industrial park; vacant land; or structures previously used for industrial, commercial or retail purposes but currently not used. The maximum credit over five years is $240,000, capped at $40,000 per year.

NH CDFA Tax Credits: The New Hampshire Community Development Finance Authority awards up to $5 million a year in New Hampshire Tax Credits to nonprofit organizations. These organizations then sell the tax credits to New Hampshire businesses as a way to raise needed capital for community projects around the state. In exchange for the contribution, a company can take 75% of the donation as a tax credit on its BET, BPT or insurance premium tax.

R&D Tax Credit: Businesses can apply for tax credit on new research and development costs. The amount of the credit is the lesser of 10% of the business’s qualified manufacturing research and development expenditures (as defined by the IRS), capped at $50,000 in any one year.

 

WORKFORCE DEVELOPMENT

Assistance in Recruiting Employees: New Hampshire’s job matching program helps companies locate potential employees. Companies can post job openings online, search for candidates and view local industry or labor market information.

Job Training Grant Program: is a 50/50 cash match for customized training, up to $100,000 per application. Each application is reviewed with an emphasis on improving the skills of current or new employees. The State of New Hampshire works with businesses to create training programs specific to their needs.

The NH Working Programs: Stay at Work, Return to Work and Ready to Work are three programs offered through New Hampshire Employment security aimed at helping businesses meet their hiring needs.

  1. Stay at Work: Work Share In the event of a business slowdown, a company may reduce work hours of its employees to avert layoffs. The employees will receive partial unemployment compensation, enabling the employer to maintain its skilled workforce and quickly resume operations when conditions improve.
  1. Return to Work: A voluntary program to provide structured, supervised training to unemployed workers, while they continue to collect unemployment compensation. The training program may be up to six weeks and maximum of 24 hours per week.
  1. Get Ready to Work: The New Hampshire Department of Resources and Economic Development and the Community College System of New Hampshire will provide basic skills assessments, skill certification and/or remedial courses to eligible claimants.

 

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