BY: Citizens Count
A bill passed this week that gives companies seeking to grow human organs and tissues a ten-year break on New Hampshire business taxes.
SB 564 applies to any business that devotes at least 75% of its activities to the field of regenerative medicine, and exempts them from paying both business profits and business enterprise taxes.
The measure currently benefits only one firm: the Advanced Regenerative Manufacturing Institute (ARMI) in Manchester, a new company that will eventually commercially produce human tissue and organs.
Supporters say the business tax exemption will help in the development of breakthrough medical technology and the creation of hundreds of jobs in the Granite State. Others argue the move will help position the Granite State as the new heartland of an exciting emerging field.
“The semiconductor industry transformed orange groves into Silicon Valley. Lets have regenerative manufacturing transform our mills into medical miracles."
- Rep. Bill Ohm, speaking in support of SB 564
Critics say the measure means lost tax revenue on an unproven technology that may not work out commercially. Others argue that instead of a full exemption for a particular field, it would have been more fair to lower business taxes for all New Hampshire companies.
“We wish ARMI all the success in the world. However, giving out tax breaks to favored industries and companies creates a slippery slope that never ends.”
- Greg Moore, state direct of Americans for Propserity-New Hampshire, to NHPR
Do you agree with giving a state tax break to NH businesses working to grow replacement human organs? Leave a comment and join the debate.