Revision: March 30, 2017, 3:14 p.m.
SB 74-FN - AS AMENDED BY THE SENATE
03/09/2017 0572s
2017 SESSION
17-0141
09/01
SENATE BILL 74-FN
AN ACT relative to economic revitalization zone tax credits.
SPONSORS: Sen. Bradley, Dist 3; Sen. Innis, Dist 24; Sen. French, Dist 7; Sen. D'Allesandro, Dist 20; Rep. Major, Rock. 14; Rep. Abrami, Rock. 19; Rep. Lovejoy, Rock. 36
COMMITTEE: Ways and Means
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This bill requires a taxpayer applying for economic revitalization zone tax credits to provide written certification to the commissioner of resources and economic development that it has expanded the commercial or industrial base in a designated economic revitalization zone and created new jobs in the state. This bill also requires the commissioner of resources and economic development to certify each application for an economic revitalization zone tax credit.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/09/2017 0572s 17-0141
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
AN ACT relative to economic revitalization zone tax credits.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Eligibility Requirements for Business Tax Credits. Amend RSA 162-N:3 to read as follows:
162-N:3 Eligibility Requirements for Business Tax Credits. No economic revitalization zone tax credits shall be allowed to any taxpayer unless the [taxpayer's project receives] taxpayer provides written certification in accordance with RSA 162-N:4, I [from] to the commissioner of resources and economic development that it [will expand] has expanded the commercial or industrial base in a designated economic revitalization zone and [will create] created new jobs in the state
2 Economic Revitalization Zone Tax Credit Letter of Certification. Amend RSA 162-N:4 to read as follows:
162-N:4 Economic Revitalization Zone Tax Credit [Agreement] Letter of Certification.
I. The commissioner of resources and economic development shall [enter into a written] certify each application for an economic revitalization zone tax credit [agreement] with each taxpayer[; such agreement to be certified by the commissioner of resources and economic development under this section].
II. The [agreement] commissioner shall [contain] issue a letter of certification containing such provisions as the commissioner of resources and economic development determines to be in the public interest, which shall include, but not be limited to:
(a) Quality and quantity of full-time jobs to be created.
(b) Duration of the taxpayer's commitments with respect to the economic revitalization zone.
(c) The amount of the taxpayer's investment in the project.
(d) A precise definition of the location of the facility eligible for the credit.
(e) The maximum amount of the economic revitalization zone tax credit that will be allowed to the business under this [agreement] certification for jobs created and for construction or reconstruction expenses.
[II.] III. The [agreement] letter of certification shall contain a determination of the final amount of the credit awarded and shall be provided to the commissioner of revenue administration and the taxpayer claiming the credit no later than March 10 of each year.
3 Effective Date. This act shall take effect July 1, 2017.
17-0141
Amended 3/27/17
SB 74-FN- FISCAL NOTE
AS AMENDED BY THE SENATE (AMENDMENT #2017-0572s)
AN ACT relative to economic revitalization zone tax credits.
FISCAL IMPACT: [ ] State [ ] County [ ] Local [ X ] None
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METHODOLOGY:
This bill makes changes to procedures related to the economic revitalization zone tax credit program. The Departments of Resources and Economic Development and Revenue Administration state this bill will have not fiscal impact on state, county and local revenue and expenditures.
AGENCIES CONTACTED:
Department of Resources and Economic Development and Department of Revenue Administration