Politics & Government

State OK's Bedford's Economic Revitalization Zones

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The state of New Hampshire has approved a program for Bedford to stimulate the economy via tax credit opportunities for qualifying businesses.

The state Department of Resources and Economic Development signed off on the town's application to designate five commercial and industrial areas as "economic revitalization zones" under the state's ERZ tax credit program.

The program encourages existing and potential businesses to invest in unused or under-used properties and equipment. Qualifying businesses can earn tax credits against their state business taxes. It's another step a municipality takes to ensure it is as "business friendly" as possible.

"It's another arrow in our economic development quiver," Town Councilor Bill Jean said, in a press release July 11. "It is another vehicle through which we can encourage businesses to invest in Bedford."

The five designated Economic Revitalization Zones are:

  • South River ERZ (Performance Zone District on South River Road from the Manchester town line to the Merrimack town line);
  • Route 114 ERZ (Service Industrial Zone on Route 114 from the Old Bedford Road overpass to the Goffstown town line);
  • Route 101 East ERZ (Commercial Zone District including the Bedford Hills mixed use site, Constitution Drive, and the Bedford Village Inn);
  • Route 101 Central ERZ (Commercial Zone District on both sides of Route 101 from Nashua Road to Wallace Road and on the south side of Route 101 until Covenant Way);
  • Route 101 West ERZ (Commercial Zone on both sides of Route 101 around Jenkins Road).
Businesses within a zone's boundaries may apply to the state for the business tax credits – short-term tax credits against the Business Profits Tax and Business Enterprise Tax. Criteria includes, but is not limited to, building and equipment improvements, new facility creation and job creation. The total amount of credit is $200,000 over five years, according to the town and state primer on ERZ.

Town Manager Jessie W. Levine, in a statement recommending the ERZ designation, said there were no downsides to this economic revitalization effort. "Designating these sites has no impact on other taxpayers – unlike Tax Increment Finance Districts, all increased value from ensuing development will be captured town-wide – and there are no changes in planning and zoning procedures or requirements for the property owner," Levine said.

For more information, contact the state Division of Economic Development at 603.271.2341. Meet the business services team at NH Economic Development.

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