CONCORD – House Republican Leader Dick Hinch (R-Merrimack) issued a statement relative to the bills having public hearings today in the House Ways & Means committee.
HB 623-FN-A, relative to the rates of the business profits tax and business enterprise tax.
HB 482-FN-A, relative to the revenue stabilization reserve account.
“In recent years Republican leadership has successfully created an environment where we are regionally competitive with our business tax rates, and with those rate reductions we’ve seen healthy revenue returns,” Hinch stated. “House Bill 623 seeks to reverse course on the Business Profits Tax rate reductions, and raises taxes by $135 million over the next 4 years. Businesses shouldn’t have to deal with this yo-yo method of taxation. They deserve certainty so they can grow and create jobs.”
“House Bill 482 would raid the Rainy Day fund to backfill state coffers if revenue dropped below an arbitrary number, and raise taxes if the Rainy Day Fund is depleted,” Hinch continued. ”I’m not sure the rain is falling, but my confidence in Democratic tax policy has certainly hit rock bottom with this proposal. It’s a double whammy. The governor can and will reign in state agency spending and manage the budget if times are tough. However, right now we should be saving for when rainy days come, and not building a plan to siphon the fund if it drizzles.“