CONCORD – Americans for Prosperity – New Hampshire (AFP-NH) today expressed significant concern over the business tax increases included in the House budget. The House to keep the tax hikes on employers in place, opposing an amendment (2013-1194h) to block them.
“By voting to raise taxes on the small businesses of New Hampshire, the House has sent a clear message that they oppose job creation here,” said Greg Moore, AFP-NH State Director. “At a time when our state has the dubious distinction of being ranked 48th for business taxes nationally by the Tax Foundation, the last thing we need are higher taxes on our employers. This vote shows that the House is more interested in growing state government than in helping the over 43,000 New Hampshire residents who are out of work find jobs. It’s time we put people – and our economy – first, and not the desire of special interests to see more state spending. It’s truly unfortunate that the House opposed these job creation efforts.”
By voting against the floor amendment, the House voted to increase the Business Enterprise Tax (BET), which was scheduled to see its exemption increase by 25%, as well as to be indexed for inflation. In addition, this also blocked expanding the loss carryforward for the Business Profits Tax (BPT) and extending BET tax credits against the BPT.
“These commonsense reforms would have made New Hampshire more competitive and given employers here a reason to hire new employees, as well as providing another incentive to have companies move to the Granite State,” Moore added. “Instead, the House sent a very different message: that New Hampshire is hostile to job growth and economic competitiveness. AFP-NH will work with the Senate to keep these pro-job reforms in place to get our economy moving forward again.”