NEW HAMPSHIRE R&D TAX CREDIT SUMMARY
New Hampshire State R&D Tax Credit
In New Hampshire, a Research & Development tax credit is allowed for qualified manufacturing R&D expenditures made or incurred during the fiscal year, however:
- The aggregate of tax credits issued to the taxpayers must not exceed $1 million for any fiscal year prior to May 20, 2013; $2 million after May 20, 2013, and before July 1, 2017; and $7 million starting on July 1, 2017
- Each credit will be used to offset the taxpayer’s tax liability within the subsequent five tax years
- The amount of the credit will be the lesser of: (a) 10% of the excess of the qualified manufacturing research and development expenses for the tax year over the base amount; (b) the proportional share of the maximum aggregate credit amount allowed in (1); (c) $50,000
- Any unused research and development tax credit not applied against the business profits tax liability can be used to offset the taxpayer’s business enterprise tax liability
- Applications must be postmarked no later than June 30 following the tax year during which the research and development occurred and a determination on the final amount of the credit awarded to each taxpayer claiming the credit will be made no later than September 30 of each year
How to Obtain the Credit?
Taxpayers can apply for the tax credit on Form DP-165, Research and Development Tax Credit Application, which must be accompanied by information or records required by the Commissioner.
Refundable/Transferable Tax Credit – No
Carryforward
Unused portions of the credit may be carried forward for up to five years.
