, Kingston, NH

My Opinion

July 19, 2012

My Opinion: July 19, 2012


SB-125 - To fulfill our commitment to reduce the highest business tax rate in the nation, new laws offer 10 forms of tax relief to employers to help them grow their business, including reforming the burden of proof for reasonable compensation, and doubling the carry-forward period for the Business Enterprise Tax (BET).

HB-2 and HB-229 - Two new statutes (laws) help our retailers, particularly those in state border communities, become more competitive and grow: (1) Eliminates the gambling winnings tax; (2) Repeals the most recent of the 4 tobacco taxes of the past 6 years.

HB-2 and HB-571 - The legislature cut a number of fees on: hotels, restaurants, motels, pet stores, fishing enthusiasts, those selling condominiums, and people getting married.

HB-605 - Directs the Business Finance Authority to establish an innovation business job growth initiative to promote investment for New Hampshire employers and to coordinate venture capital with start-ups statewide.

HB-242 - Increases the net operating loss carry-forward under the Business Profits Tax (BPT) from $1M to $10M, which reduces the tax burden on our businesses and makes our state more competitive in attracting and retaining employers

HB-518 - Extends the research and development tax credit encouraging businesses to continue to innovate, expand, and create new jobs.

HB-1418 - Expands the BET exemption 33% and indexes the exemption for inflation. The BET is a payroll tax and reducing it provides a strong incentive for employers to create good, new jobs here. With this change, 1/3 of New Hampshire businesses will not pay BET, and most of these will no longer have to incur the expense of filing, and eliminates the tax on Internet services.

HB-1221 - Allows businesses to apply BET credits quarterly, instead of annually. against their BPT, which will allow faster growth investments by New Hampshire's small businesses.

SB-97 - Cities and towns that are impacted by fire or other major acts of nature are now eligible for community revitalization tax relief to allow for the repair or rebuilding of damaged structures.

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US Politics
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