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Law in the Marketplace: Inside the uncertain I&D Tax
Published: 2/13/2021 2:22:13 PM
Although New Hampshire boasts that, unlike most other states, it imposes no state income tax on its residents, it does impose an income tax on New Hampshire business owners, and it’s a significant one – namely, the New Hampshire Interest and Dividends Tax (the “I&D Tax”).
With exceptions I’ll explain below, this tax applies at a rate of 5% to interest and dividends received by New Hampshire residents from corporations, LLCs and other entities with “transferable shares” a term I’ll also explain below. There are currently about 55,000 New Hampshire residents who are the owners of single-member LLCs. The question I will address below is whether these individuals are subject to the I&D Tax. As you’ll see, the answer is painfully uncertain; but the path to certainty may also be painful.
ALASKA VOTERS PASS RANKED CHOICE VOTING BUT SIMULTANEOUSLY INJURE BALLOT ACCESS
On November 3, Alaska voters passed Measure Two with 50.55% of the vote. It converts elections for partisan office, including president, to ranked choice voting. Unfortunately it also vastly stiffens the definition of a qualified party . And it restricts the November ballot for congress and partisan state office to only the top four vote-getters in the primary. Past election returns indicate that for elections for Governor and Congress, this will mean only Republicans and Democrats qualify for the November ballot.
Political Party Definition
The old Alaska law lets a group become a qualified party, or keep its party status, two ways.