Americans for Prosperity Praises Senate Finance Committee for Rejecting Business Tax Increases
MANCHESTER – Americans for Prosperity – New Hampshire (AFP-NH) today praised the Senate Finance Committee for rejecting tax increases on New Hampshire businesses included in the House budget. These increases consist of reducing the exemption for the business enterprise tax (BET) and blocking indexing for inflation for two years; blocking the expansion for the business loss carryforward from $1 million to $10 million and reducing the time frame in which BET tax credits can be used to offset business profits tax (BPT) from 5 years to 10.
“Thankfully, the Senate Finance Committee understands that the key to growing our economy and creating good new jobs here in New Hampshire is to give our employers the opportunity to flourish,” said Greg Moore, AFP-NH State Director. “Eliminating these business tax increases from the House budget will directly help the bottom line for many small businesses across the state. We praise the vote and the commitment to getting our economy back on track again.”
AFP-NH noted that according to the most recent rankings by the non-partisan Tax Foundation, New Hampshire ranks 48th nationally for our business tax rate (page 13).
“New Hampshire must become more competitive in terms of keeping our business taxes down, not less competitive by continuing to raise what are already among the highest taxes on employers in the country,” added Moore. “Today’s vote by the Senate Finance Committee was a very positive first step to making the Granite State an economic engine for the region. Hopefully, we will continue to see more steps toward making our business tax environment as friendly as our low tax advantage in other areas.”