Gov. John Lynch on Wednesday vetoed a bill that would have stripped the New Hampshire Rail Authority of many powers, including the ability to issue bonds.

Lynch cited opposition from business leaders, particularly in Nashua and Manchester, saying the measure, which would essentially reduce the agency to a study group, would hurt efforts to “create jobs and attract new companies to New Hampshire.”

He cited an independent study that said commuter rail expansion could result in more than $2.4 billion in new business sales and nearly 1,000 new jobs.

The Obama administration has approved a $4.2 million grant to study the feasibility of bringing commuter rail service from Boston.

It is uncertain whether the legislature would consider an override.

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