NH Incentives | Finance, Loans, IRB, Workforce Development

A comprehensive list of New Hampshire financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.


https://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.
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New Hampshire Incentives and Workforce Development Guide

NH Incentives | Finance, Loans, IRB, Workforce Development

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 New Hampshire businesses seeking assistance support for with contracting and subcontracting opportunities with the Department of Defense, other federal agencies or U.S. government and state and local governments nationwide.

New Hampshire Office of International Commerce: Plans, develops and administers programs for international trade promotion and foreign market development for New Hampshire companies. The center 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 New Hampshire International Trade Association and other national and regional trade associations.

 

 

FINANCING

Community Development Block Grant: 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. 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; those companies that manufacture or produce tangible 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

Economic Revitalization Zone Tax Credits: Tax credits against the business profits and enterprise taxes. To qualify, 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 six years is $240,000, capped at $40,000 per year.

R&D Tax Credit: Small and large 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 organization’s qualified manufacturing research and development expenditures (as defined by the IRS), capped at $50,000 in any one year.

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.

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.

 

 

WORKFORCE DEVELOPMENT

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.

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; customized assistance available for workforce hiring needs.

 

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