#24 New Hampshire
From the Governor
“Never before in New Hamp- shire’s history have so many Granite Staters participated in and benefited from such a thriving economy. The steps we have taken to cut taxes, slash regulations, and spend wisely have resulted in real benefits for both New Hampshire businesses and the individuals they employ.” —Gov. Chris Sununu
Strong job growth, along with initiatives such as Stay, Work, Play, are finally starting to attract new residents to a state that has historically suffered population decline and aging. A recent study by Smart Asset found that New Hampshire is now one of the top 10 states for in-migration of millennials and the most popular in the Northeast. Recent notable announcements include a
$200 million expansion, 800 new jobs for BAE Systems and a $60 million expansion for Hitchiner Manufacturing.
No use tax, sales tax, inventory tax, capital gains tax or broad-based income tax
Economic Revitalization Zone Tax Credit: Offers credits against the business profits and enterprises taxes for businesses located in a zone that meets the job creation and capital investment minimums. Maximum credit over six years is $240,000, capped at $40,000 per year.
Regenerative Manufacturing Tax Exemption: Offers an exemption from the Business Profits Tax and Business Enterprise Tax for ten years for qualified businesses involved in regenerative manufacturing.
Job Training Grant Program: Offers a 50/50 cash match for customized training, up to $100,000 per application.
R&D Tax Credit: Offers a tax credit of up to 10% of the organization’s qualified research and development, up to $50,000 in one year.
New Hampshire Division of Economic Development: nheconomy.com
NH Works: nhworks.org/employers/business-and-economic-development
Manchester Development Corporation: manchesterdevelopmentcorp.com
Concord Economic Development: investconcordnh.com
Highlighted Program or Initiative
In June 2018, Gov. Chris Sununu signed into law SB 564, which offers a 10-year NH Procurement Technical Assistance Center is a cooperative program of the Division of Economic Development and the U.S. Department of Defense and offers specialized assistance for contracting and subcontracting opportunities with the DoD and other government agencies. Seminars and services are free to all business- es physically located in the state.
- Military and tactical gear manufacturer Revision held a groundbreaking ceremony in August 2018 on a new facility in Portsmouth. The project is expected to create more than 50 new jobs.
- BAE Systems announced in February 2019 a $200 million expansion in Manchester that will create 800 new jobs.
- Hitchiner Manufacturing announced in April 2018 a $60 million expansion and 75 new jobs in Milford.
Tata Consultancy Services
“BAE Systems has a long and rich history in New Hampshire. Our investment in the new Manchester campus will enable us to tap into the talented local workforce to expand our capacity and improve our ability to deliver high-quality products to the warfighter.” —Ray Brousseau, Vice President and Deputy General Manager, BAE Systems
“New Hampshire is large enough to meet your business needs from a financial, infrastructure and workforce perspective, yet small enough to make decisions quickly and be creative.” —Dean Kamen, Advanced Regenerative Manufacturing Institute Manchester
“I love New Hampshire’s business-friendly, live-free attitude.” —David Rycyna, CEO, Cirrus LED Inc.