Text to be removed highlighted in red.
1 Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5, XIII (a) to read as follows:
XIII.(a) There shall be allowed a research and development tax credit for qualified manufacturing research and development expenditures made or incurred during the fiscal year, as follows:
(1) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $7,000,000 for any fiscal year.
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years. The amount of the credit shall be the lesser of:
(A) Ten percent of the excess of the qualified manufacturing research and development expenses for the taxable year over the base amount;
(B) The proportional share of the maximum aggregate credit amount allowed in subparagraph (1);
(C) $50,000 .
(3) Taxpayers shall apply for the tax credit on forms provided by the commissioner and shall be accompanied by information or records required by the commissioner. Such application shall be filed no later than June 30 following the tax year during which research and development occurred.
(4) A determination on the final amount of the credit awarded by the commissioner to each taxpayer claiming the credit shall be made no later than September 30 of each year.
(5) Wages for which a credit is taken under this paragraph shall not also be eligible for a credit under RSA 162-N.
2 Effective Date. This act shall take effect July 1, 2026.
Text to be added highlighted in green.
1 Taxation; Business Profits Tax; Credits. Amend RSA 77-A:5, XIII (a) to read as follows:
XIII.(a) There shall be allowed a research and development tax credit for qualified manufacturing research and development expenditures made or incurred during the fiscal year, as follows:
(1) The aggregate of tax credits issued by the commissioner to all taxpayers claiming the credit shall not exceed $10,000,000 for any fiscal year.
(2) Each credit shall be used to offset the taxpayer's tax liability within the subsequent 5 tax years. The amount of the credit shall be the lesser of:
(A) Ten percent of the excess of the qualified manufacturing research and development expenses for the taxable year over the base amount;
(B) The proportional share of the maximum aggregate credit amount allowed in subparagraph (1);
(C) $100,000 .
(3) Taxpayers shall apply for the tax credit on forms provided by the commissioner and shall be accompanied by information or records required by the commissioner. Such application shall be filed no later than June 30 following the tax year during which research and development occurred.
(4) A determination on the final amount of the credit awarded by the commissioner to each taxpayer claiming the credit shall be made no later than September 30 of each year.
(5) Wages for which a credit is taken under this paragraph shall not also be eligible for a credit under RSA 162-N.
2 Effective Date. This act shall take effect July 1, 2026.