Senate Removes Barriers for Small Businesses
Grassroots group praises senate for raising filing threshold for businesses
CONCORD, NH – Following the Senate passing of Senate Bill 223, a bill that increases the minimum gross business income required for filing a business profits tax return from $50,000 to $75,000, Americans for Prosperity-New Hampshire State Director Greg Moore issued the following statement:
“Today is a good day for small businesses in New Hampshire. Most small businesses have a tax liability of $0 that filed a BPT under $75,000, so this lifts a regulatory burden and reduces accounting fees for many of our employers across the state.
“It’s long overdue that we raise the filing threshold up from $50,000, which dates back to 1993. We’re glad to see we’re helping small businesses reduce resources directed at frivolous regulations and help them get back to what they do best – providing opportunity for Granite Staters and helping grow our economy.”
Background:
According to the Department of Revenue Administration, the majority of returns in the $50,000 to $75,000 range have a tax liability of $0. The current limit was set in 1993, updating the filing threshold keeps pace with inflation over the past 27 years.
