New Hampshire Governor Lynch Applauds House’s Support Of The Coos County Tax Credit

March 19, 2008 -- CONCORD - New Hampshire Governor John Lynch applauded the House’s support of legislation creating a Coos County Tax Credit, an important new tool in the state’s efforts to attract jobs to the North Country.

Gov. Lynch proposed the tax credit during his State of the State Address.

“This new tax credit will help our efforts to build the North Country’s economy by helping to bring good-paying jobs to the families of Coos County,” Gov. Lynch said. “I applaud the House for recognizing the importance assisting the North Country economy and I want to thank the Ways and Means Committee for its thoughtful work on this important bill.”

The legislation as amended by the committee creates a tax credit for businesses that create good-paying jobs in Coos County. Any business that creates a job paying at least 150 percent of minimum wage would be eligible for a $750 credit against its business taxes for each of the next five years, while a company that creates a job paying 200 percent of minimum wage would receive a $1,000 credit. Under the amended version passed by the House, the cost of health benefits can be added to a wage to determine whether the newly created job qualifies for a tax credit and at what level.

Many new businesses would pay no business taxes for their first five years. Existing businesses in Coos County would be eligible for new jobs they create.

“We all know Coos County is struggling. Average wages are significantly lower than the rest of the state and the unemployment rate, even before the latest layoffs, is much higher. This new credit will be an important tool in our comprehensive effort to help build the North Country economy,” Gov. Lynch said. “This tax credit is one of the best investments we can make in the North Country and our state’s economy.”

The bipartisan legislation is sponsored by Reps. Scott Merrick, Bill Remick, Evalyn Merrick, Martha McLeod, John Tholl, and supported by 22 state senators.

Source: New Hampshire Governor

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