COOS COUNTY – The legislature has passed a five-year extension of the Coos County Job Creation Tax Credit and a spokesman for Gov. Maggie Hassan said the governor looks forward to signing the bill.
Created in 2008, the bill provides businesses that create a new full-time year-around job in Coos County a credit against their state business taxes for five years. For a job paying at least 150 percent of minimum wage, the business receives a $750 credit each year for five years. For a job paying 200 percent of minimum wage, the annual tax credit is $1,000.
The tax credit was due to expire this year but both the House and Senate passed the extension for five more years. North Country Senator Jeff Woodburn reported the measure passed the Senate unanimously.
"The tax credit rewards companies that create high-paying jobs in Coos County," Woodburn said, "The North Country needs tools like this to rebound from the worst economic down-turn in the region's history."
Hassan spokesman Marc Goldberg noted the governor sponsored the original bill when she was in the senate and remains a strong supporter of the tax credit.
"She looks forward to signing the legislation extending this important job-creating measure for another five years," Goldberg said.
N.H. Department of Resources and Economic Development provided statistics showing the tax credit has been used to create a total of 85 jobs from 2008 to April 3, 2013 with total credits of $102,500. Businesses that have taken advantage of the tax credit just in 2011 include Vaillancourt Electric, Presby, Gorham Family Dentistry, A.B. Logging, White Mountain Subway, A.B. Trucking, FB Spaulding, BFO Trucking, VR Concrete, Northwoods Manufacturing, Crane & Bell, and MDJ Mount Pleasant.
Christopher Way, interim director of the N.H. Division of Economic Development, said the bill has had an impact in creating jobs in northern New Hampshire.
"We've very supportive of this tax credit staying in place," he said.
Way said he thinks it has taken a while for businesses to get educated about the tax credit. He said his agency is always willing to help companies with the paperwork needed to qualify for the credit. Businesses can call the DRED office in Concord for information about the tax credit or contact North Country Business Resource Specialist Beno Lamontagne.