CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Majority Leader Pete Silva (R-Nashua) offered the following comments on passage of House Bill 1418, which increases the business enterprise tax (BET) exemption 33% from $150-200k and increases the enterprise value 33% from $75k-100k – both indexed to inflation. It also eliminates the internet service tax and puts $3 million toward funding the developmentally disabled wait list.
House Speaker William O’Brien
“When Republicans took office in 2010, New Hampshire ranked 50th – dead last – in the nation for our business tax rate, according to the non-partisan Tax Foundation. Through our efforts to reduce taxes last year, we were able to reduce that ranking to 46th. That’s progress, but 46th in the nation does not make our state the type of attractive state that can bring new employers and convince our current companies to grow here. In fact, it represents a New Hampshire Disadvantage. The BET is a payroll tax, so reducing it provides a strong incentive for employers to create good, new jobs here. This legislation will also reduce compliance costs for the many companies who will no longer need to file tax forms, and for the state, which will no longer need to process these forms. As a result of this bill, one-third of New Hampshire small businesses will not pay BET. Cutting the BET helps restore the New Hampshire Advantage by making us more competitive and will bring jobs to the Granite State. And eliminating the tax on the Internet will put money into the pockets of New Hampshire’s working families. The progress continues.”
House Majority Leader Pete Silva
“All around this is a pro-business, pro-jobs bill. This is one more example of Republicans keeping our commitment to deliver affordable government to the citizens of the state.”