#26 New Hampshire
From the Governor
“No income or sales tax, great schools, incredible natural beauty, ease of access to urban centers and a vibrant and dynamic workforce all contribute to there really being no better place to live, work and raise a family.” —Gov. Chris Sununu
Growth in the Granite State
An attractive business and tax environment coupled with a high quality of life is driving new investments in the Granite State. AutoStore Systems of Norway will locate its U.S. headquarters in Derry, and Revision Military is opening its center of excellence in Portsmouth. BAE Systems and Hitchiner have also announced new manufacturing facilities in the state.
From the Governor
“I am proud that through our pro-growth initiatives, more people are working in New Hampshire today than at any other point in history. A strong, thriving workforce is necessary for our broader goals to boost economic development…. We’re all about the economy, and it’s working.” —Gov. Chris Sununu
No use tax, sales tax, inventory tax, capital gains tax, broad-based income tax or tax on professional services.
R&D Tax Credit: Offers a tax credit of up to 10% of a business’s qualified manufacturing R&D expenditures for up to $50,000 per year.
Economic Revitalization Zone Tax Credit: Offers a tax credit of up to $40,000 annually for a total of six years against business profits and enterprise taxes for those located in an unused or underutilized industry park, land or structure.
New Hampshire Economic Development: nheconomy.com
Business and Industry Association: biaofnh.com
New Hampshire Economic Development Association: nhedaonline.org
Manchester Development Corp.: manchesterdevelopmentcorp.com
Highlighted Program or Initiative
In June 2018, Gov. Chris Sununu signed into law SB 564, which offers a 10-year tax exemption from both the state business profits tax and enterprise tax for companies that have at least 75% of their taxable activities in the Advanced Regenerative Manufacturing Institute in Manchester.
- Revision Military announced in May 2018 it will expand operations and locate its center of excellence in Portsmouth.
- BAE Systems announced in September 2018 it will expand its operations in Manchester and create 400 new jobs.
- Prudential Cleanroom Services opened a cleanroom laundry processing facility in Nashua in June 2018 with 85 new jobs. Two additional phases will add more than 60,000 square feet in the coming years.
- Hitchiner Manufacturing announced in April 2018 a $50 million factory and 85 new jobs in Milford.
- Norwegian cube storage company AutoStore System opened its U.S. headquarters in Derry in June 2018.
Tata Consultancy Services
Liberty Life Assurance
“Expanding in New Hampshire would not have been possible without the support of state and local government. The high cost of energy in New Hampshire can be an especially high hurdle…. Fortunately, Hitchiner was able to work through these challenges with the governor’s office, the N.H. Department of Business & Economic Affairs and the town of Milford.” —John H. Morison, CEO, Hitchiner
“Revision’s expansion to New Hampshire depends on the company’s already well-founded commitment to U.S.-based operations and manufacturing.” —Jonathan Blanshay, CEO, Revision Military
“From an entrepreneur’s standpoint, there’s an incredible vision with ARMI (Advanced Regenerative Manufacturing Institute) and what this could look like in the next several years. At its core value, if you think about what it could mean for this area, if you truly become the Silicon Valley for biofabrication, it is a course direction that will impact this area and region for many, many years to come.” —Michael Golway, CEO, Advanced Solutions Life Sciences