Hooksett Economic Development Committee recommends extending tax exemption for Marmon and others

In a recent meeting of the Hooksett Economic Development Advisory Committee (EDAC), members discussed strategies to retain and incentivize local businesses, particularly focusing on Marmon, a significant employer in the area. The committee emphasized the importance of extending tax incentives to not only support Marmon but also to benefit the broader community by encouraging business growth and investment.

The primary proposal on the table was to extend the current tax exemption period from five to seven years, along with increasing the percentage of tax exemption from the existing cap of 25%. This move aims to make Hooksett a more attractive location for Marmon, which has been considering relocating to other states, including Florida, where more favorable incentives may be offered.

Committee members expressed a consensus that a proactive approach is necessary. They argued that extending the tax incentives would alleviate pressure on Marmon and signal to other businesses that Hooksett is committed to fostering a supportive economic environment. The discussions highlighted the need for the town to compete effectively against other regions that are vying for Marmon's business.

The committee also recognized the broader implications of their recommendations. By encouraging business retention and expansion, they aim to alleviate the tax burden on local residents, who have been facing rising costs. The sentiment was clear: supporting local businesses is not just about economic growth; it is about enhancing the quality of life for Hooksett residents.

In addition to the specific case of Marmon, the committee discussed the potential for similar incentives to be applied to other properties within the town. They acknowledged the need for a comprehensive review of all eligible properties to ensure that the benefits of such programs are widely distributed.

As the meeting concluded, the committee voted in favor of recommending the proposed changes to the town council, emphasizing the urgency of the matter. They plan to follow up with the council to ensure that their recommendations are considered promptly, as the future of Marmon and other local businesses hangs in the balance.

The EDAC's discussions reflect a growing recognition of the interconnectedness of local business health and community well-being. By advocating for these changes, the committee aims to create a more favorable economic landscape in Hooksett, ultimately benefiting both businesses and residents alike.