NHLS President Andrea Hechavarria highlighted, during a lunch with legislators and industry leaders after the vote, that life sciences support 11,000 New Hampshire jobs, with average salaries of nearly $130,000, higher than any other industry in the state.
The state was recognized as one of the fastest-growing life sciences workforce in the country, with a growth rate of 28%, Hechavarria said.
The R&D tax credit will allow companies to keep innovating life-changing treatments, especially when it can take years to see a return on products as they go through testing in the regulatory process.
The bill that was advanced on Thursday would increase the aggregate tax cap to $10 million, up from the $7 million it has been for more than 17 years. It would also increase the maximum credit amount allowed per entity from $50,000 to $100,000. This is the same proposal as last year’s SB 276, which was not passed in both chambers during the legislative calendar.
“When you are just starting out, every dollar counts,” Hechavarria said. “The R&D tax credit is so important, especially because we’re tying it to manufacturing. The tax credit, unfortunately, has become largely uncompetitive over the last several years. We’rereally eager to work to make this more competitive, make it work for our companies, incentivizing those companies to grow here, to stay here, to live and work and raise their families here.”
Sen. David Rochefort shared a proclamation at the lunch recognizing NH Life Sciences Legislative Day.
“New Hampshire really has an advantage,” he said before reading the proclamation. “Not only are we located 20 minutes out of one of the world’s epicenters of medicine, research, pharmaceuticals, and biotech… we have a tax-free state, which has an excellent quality of life, and we have access to a lot of opportunities.”
Rochefort expressed optimism for the progress NHLS has been making for the life sciences industry. The Littleton Republican said that during a recent trip to Portsmouth, his wife was struck by the number of biotech companies.
“Things that are going out all over the world are made right here in New Hampshire,” Rochefort said.
Also, as part of the event:
Established in 2023, NHLS is the statewide life sciences association—built by the industry, for the industry. Our mission is to foster growth and awareness of the life sciences industry in New Hampshire and to attract and retain world-class talent and innovation to the Granite State. New Hampshire's life sciences industry includes more than 600 companies, across five major industry groups (medical device manufacturing, medical equipment/supplies, research and development, pharmaceutical and medicine manufacturing, and medical and diagnostic laboratories).
Andrea Hechavarria