SB636

New Hampshire SB636 establishes tax credits for small businesses against tariff-related costs.

New Hampshire SB636 introduces tax credits for qualifying small businesses to offset costs directly attributable to federal tariffs. Qualifying businesses include manufacturing firms with fewer than 50 employees or non-manufacturing firms with annual gross receipts not exceeding $500,000. The credit amounts to 25 percent of documented tariff-related costs, up to $7,500 per business per year, with a statewide cap of $8,000,000 annually. Businesses must apply with supporting documentation by March 31 following the taxable year. Unused credits can be carried forward for up to three years.