Special treatment: Don't muck up NH tax code

EDITORIAL
February 05. 2018 7:02PM

One of the strongest features of New Hampshire’s tax code is that businesses are treated equally.

Unlike other states that hand massive credits, deductions, and exemptions to favored firms, the Granite State has a comparatively simple and fair system.

That would change under a bill scheduled to be considered by the House Ways and Means Committee on Wednesday. SB 564 would establish a 10-year exemption from business taxes for regenerative manufacturing businesses. It would also authorize the New Hampshire Business Finance Authority to repay student loans for employees working in regenerative manufacturing.

This tax break is aimed squarely at the Advanced Regenerative Manufacturing Institute (ARMI) in Manchester, which inventor Dean Kamen launched last year to push the boundaries of biotechnology. Kamen wants the Millyard to become the center of new industry with the potential to make breakthroughs reserved until now for science fiction.

This emerging industry shows great promise, but companies still have to pay their taxes. The Legislature should not create special carve outs in the tax code just because it likes one industry more than others.

We appreciate everything Dean Kamen does for New Hampshire. It would be fantastic if ARMI grew into a leading biotech hub. That does not justify mucking up New Hampshire’s business tax code with special treatment for favored firms.