House Bill 1102 increases the annual cap on New Hampshire’s R&D tax credit from $7 million to $10 million and raises the maximum credit available per entity from $50,000 to $100,000. For life sciences companies, where significant investment in research, product development, clinical innovation, and commercialization is often required before a new product reaches the market, a stronger R&D incentive can help make New Hampshire a more competitive place to build and grow.
“Research and innovation are the foundation of the life sciences industry. Expanding New Hampshire’s R&D tax credit is an important step toward ensuring that companies developing new medicines, technologies, diagnostics, and other life sciences innovations have the support they need to invest and grow here,” said Andrea Hechavarria, President and CEO of NHLS.
NHLS also acknowledged Gov. Kelly Ayotte’s engagement with the legislation and her strong support for expanding New Hampshire’s R&D incentive, while recognizing that the Governor raised concerns about non-related provisions included in the bill.
“We appreciate the Governor’s recognition of the importance of strengthening New Hampshire’s R&D incentive. This is an important opportunity for New Hampshire to come together around policies that further encourage scientific discovery, support entrepreneurs, and strengthen our life sciences ecosystem,” said Hechavarria
For emerging life sciences companies, access to capital and the ability to offset a portion of research and development costs can play an important role in decisions about where to locate, expand, and hire. A more competitive R&D tax credit can help New Hampshire further attract investment while supporting companies already conducting innovative work in the state.
“This is about more than a tax credit—it is about creating the most attractive environment possible in the state where life sciences companies can take ideas from the bench to the marketplace. New Hampshire has the opportunity to establish itself as an even stronger home for life sciences innovation and create the high-quality jobs of the future right here in the Granite State,” said Hechavarria.
Andrea Hechavarria