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For a Republican Majority in the New Hampshire Senate

Senate Committee approves business tax reforms

Bradley HeadshotConcord, NH – The New Hampshire Senate Ways and Means Committee today gave its approval to a pair of bills lowering business taxes in the Granite State. SB 1 would lower the Business Profits Tax from 8.5% to 7.9%. SB 2 would lower the Business Enterprise Tax from .75% to .675%. The bills would gradually lower business tax rates over the next three budgets, with the first tax cut going into effect immediately upon passage.

“New Hampshire currently ranks 48th highest for business taxes in the country, which has resulted in a significant burden on our state’s small businesses and discouraged many from considering a move to our state. By lowering the BPT and BET, we move to restore New Hampshire’s business friendly environment and the state’s competitive edge when compared to other New England states,” said Senate Majority Leader Jeb Bradley (R-Wolfeboro).

“States like Rhode Island have reduced corporate taxes, following the nation-wide trend of 27 other states that reduced their business tax rates in an effort to encourage economic growth,” Bradley added. “If we do nothing, New Hampshire businesses will pay the highest corporate tax rate in New England.”

Andy Sanborn Headshot“Today, New Hampshire employers are operating in an environment where the cost of doing business is one of the most expensive in the country and I have been discouraged that every other state in New England has lower taxes than New Hampshire,” said Senator Andy Sanborn (R-Bedford).

“Our lackluster economic recovery is clear proof of our need to find every way possible to ensure we are an affordable, competitive state to do business. These two bills are an important step in the right direction for retaining and attracting responsible employers to New Hampshire, which will result in better opportunities, like more jobs and better paying jobs for those seeking opportunity in the state,” Sanborn added.

“I hope to see support of the House and the Governor on this critical issue.”

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