Governor Says Research and Development Tax Credit Complements State's Economic Development Effort

From The Office of Governor John Lynch

CONCORD - Saying it complements the state's ongoing efforts to bring more good-paying jobs to the state, Gov. John Lynch today asked the House Ways and Means to support legislation, SB380, establishing a research and development credit against the business profits tax.

"By all measures, New Hampshire's economy is strong and poised to grow even stronger in the months and years ahead. However, there are steps we must take if we want that growth to continue, "Gov. Lynch said in a letter to the committee.

" In recent years, New Hampshire, like other states in our region, has seen its manufacturing sector suffer. In other sectors, like biotechnology, high technology, and energy products we have had success, but our true economic potential has not yet been realized. We must work diligently to provide these businesses the tools they need to incubate and grow, and ultimately create good paying jobs right here in New Hampshire. This legislation is a means to help us achieve this significant goal, "Gov. Lynch wrote.

The prime sponsor of the bill is Senator Bob Odell.