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Bar News - January 4, 2008

New Hampshire Research and Development Tax Credit

The NH Legislature in 2007 enacted a research and development credit against business taxes paid to the state - 2007 Laws of New Hampshire, Chapter 271.

According to the new law, the Legislature will designate $1,000,000 for each of the next five fiscal years to be available for funding of the credit. The credit may be taken against taxes due on account of taxable periods ending on and after Sept. 7, 2007.

The credit is for expenditures made during the fiscal year for qualified manufacturing research and development. "Qualified manufacturing research and development" expenditures are wages paid to employees of the business organization for services rendered in New Hampshire which qualify and are reported as a credit by the business organization under section 41 of the Internal Revenue Code.

The Research and Development Tax Credit Application, Form DP 165, is available on the Departmentís Web site, and by calling the Departmentís forms line at 603-271-2192. Applications for the first fiscal year of the credit must be filed with the Department on or before June 30, 2008. By Sept. 30, 2008, applicants will be notified by mail of award amounts granted to them.

Learn more about the Research and Development tax credit by calling the NH Department of Revenue Administration, 45 Chenell Drive, Concord, NH 03301 at 603-271-2318, or visit their Web site.

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