Newport is open for business! Newport is a great choice for your next investment for several reasons. Our community offers competitive tax incentives, a skilled workforce, low cost of living, robust arts and cultural attractions, and access to world-class education and healthcare. Below you will find information on development and tax incentive programs available in Newport.
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RSA 79-E Community Revitalization Tax Relief
RSA 79-E, also known as the Community Revitalization Tax Relief program, allows towns to grant temporary property tax relief to property owners looking to improve their structures. The goal is to spur redevelopment in downtown areas by allowing owners to continue paying taxes based on the property’s pre-renovation value, rather than the higher assessment triggered by the upgrades.
RSA 72:81 Industrial Property Tax Exemption
The Industrial Property Tax Exemption program is a program that provides incentives to businesses to build, rebuild, modernize, or enlarge within the Town.This is done through a temporary exemption to municipal and local school property taxes. The program is eligable to "insustrial" businesses who want to grow their business in Newport.
“Industrial uses” are defined as businesses dealing in manufacturing, production, assembling, warehousing, or processing of goods or materials for sale or distribution, research and development activities, or processing waste materials.
How does it work? The exemption only applies to municipal and local school portion of property taxes for the increase in assessed value as a result of this construction project. The exemption applies to the perrcentage of increased assessed value as follows - 50% for the first year, 40% for the second year, 30% for the third year, 20% for the fourth year, 10% for the fifth year and subsequent years will be assessed at the full rate.
The Opportunity Zone program is a federal program encouraging economic development and investment in designated areas around the country.
The program allows investors to defer capital gains on earnings that have been reinvested in the zones through Opportunity Funds. Opportunity Funds are private sector investment vehicles that invest at least 90 percent of their capital in Opportunity Zones. Long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.
Economic Revitalization Zone Program (ERZ)
The ERZ tax credit program, which is detailed in RSA 162-N, offers a short term business tax credit for projects that improve infrastructure and create jobs in designated areas of a municipality. Businesses that create full time, permanent, year round jobs are eligable for New Hampshire business tax credits.
- North Main Street United Construction Site
- Bald Mountain TIF District
- Newport Mills
- Arlington Sample Brook Property