DESIGNATED AS ERZ BY STATE OF NH
The State of New Hampshire has designated the entire Town of Tamworth as an Economic Revitalization Zone (ERZ).
Businesses in town can apply for state business tax breaks if they fit the criteria described.
Act quickly though, applications are due by Feb 10th, and there are no retroactive credits for previous years.
The Tamworth Economic Development Commission (TEDC) is proud to announce that Tamworth is the only municipality in New Hampshire to have our ENTIRE town qualified by our State as a NH Economic Revitalization Zone (ERZ)! It is a program benefitting businesses large and small which will enrich the economic development and diversity of our town.
Qualified businesses can apply for this program each year by February 10 for business tax credits via the New Hampshire Department of Business and Economic Affairs. Economic Revitalization Zones are areas (in our case, all of Tamworth!) that are created with a purpose to stimulate economic redevelopment, expand the commercial and industrial base, create new jobs and increase tax revenues by encouraging economic revitalization. Businesses located within Tamworth could qualify for business tax credits for projects that improve infrastructure (capital investment) and create new incremental jobs. Each year the state of NH has invested $825,000 to this program.
If you are planning any investment in your business and can hire one or more new full time employee(s), you could qualify to receive credits of up to $200,000 over 5 years that would offset your Business Profits Tax and Business Enterprise Tax.
For more information on how the program works and how this can benefit your business, please contact Bridgett Beckwith, Tax Incentive Program Manager, State of New Hampshire Division of Economic Development at 603-271-2342 or Bridgett.firstname.lastname@example.org and/or consult with your tax advisor.
Complete information about the program including application links can be found on the State’s ERZ page found here: https://www.nheconomy.com/move/incentives-and-tax-credits/revitalization-zone
and the specific rules and definitions as defined by the State (RSA’s) can be found here: https://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-XII-162-N.htm
Get more information
If you are a business interested in re-locating to Tamworth, or are an individual who would like to be a part of the commission or a volunteer at one of our events, please contact TEDC Chair Pat Farley for more information.