CONCORD- House Majority Leader Dick Hinch (R-Merrimack) issued a statement relative to the state revenue report published Thursday, in which stated the following:
“Business Taxes for October totaled $25.7 million, which were $0.9 million (3.6%) above plan and $8.1 million (46.0%) above prior year. YTD business taxes totaled $174.4 million, which were $6.1 million (3.6%) above plan and $5.5 million (3.3%) above prior year.” ~ State Of New Hampshire Monthly Revenue Focus
“Our state’s economy continues to perform well thanks in part to responsible governing, and business tax relief passed by the Republican legislature in our last budget,” said Hinch. “We need to compete with neighboring states to grow and diversify our economy in all corners of New Hampshire. To Republicans, reforming our tax policy was the logical thing to do. We have additional tax relief coming, as a result of the budget we passed this year, and we believe this will contribute to our economy’s long term wellbeing.”
Background: House bill 517, the budget trailer bill passed in June, reduces the rates of the business profits tax and the business enterprise tax in 2019 and in 2021. The BPT rate will drop from 7.9% to 7.5% and the BET rate will lower from .675% to .5%.