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N.H. House bill would cut state businesses taxes
Modified: 1/9/2021 6:59:48 PM
The incoming leadership of the New Hampshire House is sponsoring a bill that would cut business taxes over four years – with a possible fiscal impact of $138 million – irrespective of how much revenue comes into the state’s coffers during the pandemic.
House Bill 10, whose lead sponsor is incoming House Speaker Sherman Packard, R-Londonderry, would decrease the rate of the business profits tax from the current 7.7% to 7.6% this year and 7.5% in 2022. It would also decrease the business enterprise tax from 0.6% to 0.55% this year and then 0.5% the next.
It would also eliminate language in current law that ties tax increases to decreases in state revenue.