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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 written certification in accordance with RSA 162-N:4, I from the commissioner of business and economic affairs that it will expand the commercial or industrial base in a designated economic revitalization zone and will create 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 .
I. The commissioner of business and economic affairs shall enter into a written economic revitalization zone tax credit agreement with each taxpayer; such agreement to be certified by the commissioner of business and economic affairs under this section.
The *agreement* shall *contain* such provisions as the commissioner of business and economic affairs 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 for jobs created and for construction or reconstruction expenses.
II. The agreement 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 Determination of Credit. Amend RSA 162-N:6 to read as follows:
162-N:6 Determination of Economic Revitalization Zone Tax Credits Eligible Amount. For the purpose of determining the economic revitalization zone tax credit that the taxpayer is eligible to receive, the amount of the credit to be taken shall be *the lesser of the following:
I. The maximum amount of the economic revitalization zone tax credit as stated in the agreement as specified by RSA 162-N:4, I(e); or
II.* the sum of the following:
(a) 4 percent of the salary for each new full-time job created in the calendar year with a wage less than or equal to 1.75 times the then current state minimum wage.
[(b)] . 5 percent of the salary for each new full-time job created in the calendar year with a wage greater than 1.75 times the then current state minimum wage and less than or equal to 2.5 times the then current state minimum wage.
[(c)] 6 percent of the salary for each new full-time job created in the calendar year with a wage greater than 2.5 times the then current state minimum wage.
[(d)] 4 percent of the lesser of the following:
[(1)] The actual cost incurred in the calendar year of creating a new facility or renovating an existing facility, and expenditures for machinery, equipment, or other materials, except inventory.
[(2)] $20,000 for each new full-time job created in the calendar year.
4 Extension of Prospective Repeal of RSA 162-N. Amend 2007, 263:176, X, as amended by 2010, 311:1 and 2014, 139:1 to read as follows:
X. Section 123 of this act shall take effect[ July 1, 2020] January 1, 2028.
5 Extension of Prospective Repeal of RSA 162-N:2-a. Amend 2015, 265:9 to read as follows:
I. Section 7 of this act shall take effect [July 1, 2020] January 1, 2028.
6 New Hampshire College Graduate Retention Incentive Partnership (NH GRIP); Definition; Certification. Amend RSA 12-O:46, I to read as follows:
I. "Certification" means written verification from the department of business and economic affairs that the agreement to be used between the participating employer and the employee meets the requirements of RSA 12-O:48.
I-a. "Commissioner" means the commissioner of the department of business and economic affairs.
7 Graduate Retention Incentive Partnership; Definitions. Amend RSA 12-O:46, VII to read as follows:
VII. "Participating employer agreement" or "agreement" means an agreement [prepared jointly by the department of business and economic affairs in consultation with the New Hampshire College and University Council and the Business and Industry Association of New Hampshire] that an employer will use to offer each employee an incentive in the amount and duration provided in RSA 12-O:48 and which is to be certified by the department of business and economic affairs.
8 Graduate Retention Incentive Partnership; Advertising; Department Certification. Amend RSA 12-O:49 to read as follows:
12-O:49 Advertising. Upon certification, the department shall, in cooperation with the Business and Industry Association of New Hampshire, the New Hampshire College and University Council, the New Hampshire Higher Education Assistance Fund, the New Hampshire Coalition for Business and Education, and Stay, Work, Play NH, advertise to New Hampshire employers and New Hampshire college students the details of NH GRIP, through print and electronic media. The department shall maintain a list of employers who have a valid participating employer agreement and shall make the list available on the department's public Internet site as well as in writing.
9 Effective Date.
I. Sections 4 and 5 of this act shall take effect June 30, 2020.
II. The remainder of this act shall take effect July 1, 2020.
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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 written certification in accordance with RSA 162-N:4, I from the commissioner of business and economic affairs that it has expanded the commercial or industrial base in a designated economic revitalization zone and 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 Letter of Certification .
I. The commissioner of business and economic affairs shall certify each application for an economic revitalization zone tax credit with each taxpayer.
II. The commissioner, upon satisfaction of the requirements inRSA 162-N:3, shall issue a letter of certification containing such provisions as the commissioner of business and economic affairs determines to be in the public interest, which shall include, but not be limited to:
(a) Quality and quantity of full-time jobs 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.
III. The 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 31 of each year.
3 Determination of Credit. Amend RSA 162-N:6 to read as follows:
162-N:6 Determination of Economic Revitalization Zone Tax Credits Eligible Amount. For the purpose of determining the economic revitalization zone tax credit that the taxpayer is eligible to receive, the amount of the credit to be taken shall be the sum of the following:
I. 4 percent of the salary for each new full-time job created in the calendar year with a wage less than or equal to 1.75 times the then current state minimum wage.
[(b)] II . 5 percent of the salary for each new full-time job created in the calendar year with a wage greater than 1.75 times the then current state minimum wage and less than or equal to 2.5 times the then current state minimum wage.
[(c)] III. 6 percent of the salary for each new full-time job created in the calendar year with a wage greater than 2.5 times the then current state minimum wage.
[(d)] IV. 4 percent of the lesser of the following:
[(1)] (a) The actual cost incurred in the calendar year of creating a new facility or renovating an existing facility, and expenditures for machinery, equipment, or other materials, except inventory.
[(2)] (b) $20,000 for each new full-time job created in the calendar year.
4 Extension of Prospective Repeal of RSA 162-N. Amend 2007, 263:176, X, as amended by 2010, 311:1 and 2014, 139:1 to read as follows:
X. Section 123 of this act shall take effect[ July 1, 2020] January 1, 2028.
5 Extension of Prospective Repeal of RSA 162-N:2-a. Amend 2015, 265:9 to read as follows:
I. Section 7 of this act shall take effect [July 1, 2020] January 1, 2028.
6 New Hampshire College Graduate Retention Incentive Partnership (NH GRIP); Definition; Certification. Amend RSA 12-O:46, I to read as follows:
I. "Certification" means written verification from the department of business and economic affairs that the agreement to be used between the participating employer and the employee meets the requirements of RSA 12-O:48.
I-a. "Commissioner" means the commissioner of the department of business and economic affairs.
7 Graduate Retention Incentive Partnership; Definitions. Amend RSA 12-O:46, VII to read as follows:
VII. "Participating employer agreement" or "agreement" means an agreement [prepared jointly by the department of business and economic affairs in consultation with the New Hampshire College and University Council and the Business and Industry Association of New Hampshire] that an employer will use to offer each employee an incentive in the amount and duration provided in RSA 12-O:48 and which is to be certified by the department of business and economic affairs.
8 Graduate Retention Incentive Partnership; Advertising; Department Certification. Amend RSA 12-O:49 to read as follows:
12-O:49 Advertising. Upon certification, the department shall, in cooperation with the Business and Industry Association of New Hampshire, the New Hampshire College and University Council, the New Hampshire Higher Education Assistance Fund, the New Hampshire Coalition for Business and Education, and Stay, Work, Play NH, advertise to New Hampshire employers and New Hampshire college students the details of NH GRIP, through print and electronic media. The department shall maintain a list of employers who have a valid participating employer agreement and shall make the list available on the department's public Internet site as well as in writing.
9 Effective Date.
I. Sections 4 and 5 of this act shall take effect June 30, 2020.
II. The remainder of this act shall take effect July 1, 2020.