(Joint News Release)
CONCORD – SB 125 passed into law Saturday without the Governor’s signature. The bill, which provides a $50 thousand safe harbor for businesses and shifts the burden of proof for accessing taxes on compensation from the business owner to the Department of Revenue Administration, passed the Senate unanimously and the House 340 to 9.
House Speaker William O’Brien:
“SB 125 lifts a burden off of our small businesses in New Hampshire, which are the backbone of our State’s economy and the engine for job growth. Our entrepreneurs should be encouraged, not threatened and punished. Passing this bill, which has the support of our business community, is part of our ongoing commitment to revive the New Hampshire Advantage and encourage economic growth. It’s unfortunate the Governor chose not to join us in championing this critical, common sense legislation that will create new jobs for our citizens.”Sen. Bob Odell, Chairman of Ways and Means Committee:
“SB 125 is pro-business, pro-jobs and pro-growth. It had tremendous support in the Senate and now that it’s law, it will begin to make a real difference for companies all across New Hampshire, but particularly the small businesses that have struggled the most during the recession. We want our state to once again have the reputation as being ‘business-friendly’ and this law will help foster that by reforming arbitrary government regulations and allowing business owners to keep and reinvest more of their hard earned dollars.”