business profits tax

Ken Teegarden via Flickr CC

The new year means New Hampshire businesses will pay lower taxes.

Two key state business taxes were first reduced in 2016, the result of a compromise between then Governor Hassan and Republican lawmakers. The deal allowed for further tax cuts as long as revenues didn’t decline.

But the state’s relatively strong economy has pushed receipts up, triggering a new round of business tax cuts for 2018.

“This is all part of a process of trying to make the state more competitive,” says Greg Moore with Americans For Prosperity-New Hampshire.

Allegra Boverman for NHPR

As the state continues to grapple with a drug problem, top state lawmakers are hoping to get businesses to be a part of the solution.

FILE

The Republican-controlled Senate Finance Committee backed a proposal on Tuesday to cut New Hampshire’s business taxes.

NHPR Staff

The House held a hearing Wednesday on a bill that would cut business taxes in the state.

The state projects that it will lose about eighty million dollars in revenue by 2021 if the tax cut passes, assuming the economy follows current trends.

But supporters argue that the cut would have positive impacts on local businesses. Bruce Berke, the New Hampshire Director of the National Federation of Independent Business, says that cutting taxes will lead to growth.

N.H. Lawmakers To Debate Marijuana, Food Stamps

Feb 20, 2017
Allegra Boverman for NHPR

New Hampshire lawmakers will hear testimony this week on bills on marijuana policy, the state’s business taxes and eligibility for food stamps.

NHPR Staff

Governor Chris Sununu delivers his budget proposal to lawmakers this week. It’s the first step in a months-long journey to build a two-year spending plan that will affect nearly every aspect of life in New Hampshire.

To help you prepare for the months of headlines to come, NHPR reporters are highlighting areas of the budget that are likely to generate the most discussion.

Allegra Boverman for NHPR

State financial experts say New Hampshire is starting the year off in better fiscal health than expected. That’s good news for lawmakers charged with crafting the next two-year state budget.

After a long battle in Concord, the state’s business tax rates are now set to drop starting next year, the first such cut in more than a decade.

But the question of whether these cuts will succeed in luring new businesses to New Hampshire doesn't yet have a clear answer.

Bipartisan Deal Reached on State Budget

Sep 15, 2015
Allegra Boverman for NHPR

Legislators have reached a deal with Gov. Maggie Hassan on the state budget. 

Hassan Vetoes So-Called 'Planet Fitness' Tax Provision

Jul 20, 2015
Planet Fitness

Gov. Maggie Hassan has vetoed a bill that would have changed the state’s business tax code. The so-called “Planet Fitness” measure was introduced by the gym franchise in May after the company’s executives threatened to leave the state if the law was not changed.

Sara Plourde / NHPR

The debate over New Hampshire’s business taxes has largely played out along partisan lines this year, with Republicans supporting staggered cuts to the state's corporate tax rates, and Democrats opposed. But political rhetoric aside, let's look at the underlying numbers to better grasp the core policy issues.

N.H. Debates Business Tax Structure

Jun 4, 2015
Jason Dirks / Flickr / Creative Commons

Is it time for a business tax reboot? Some in New Hampshire say a comprehensive re-examination of our business tax structure is long overdue, given questions about fairness – competition – and the huge role these taxes play in our budget. We’ll discuss how the system works now and the  pros and cons of the proposals to change it.

Ryan Lessard / NHPR

Republican gubernatorial candidate Walt Havenstein says lowering the state’s business profits tax is part of his plan to create 25,000 new jobs by August 2017.

Walt Havenstein says under his plan, reducing the tax from 8.5% to 7.4% would take place over two budget cycles.

The former BAE CEO acknowledged it would cost the state $50 million in revenue in the first biennium, but says no spending cuts would be needed.

“Even at our meager, meager anemic growth rate, our growth rate will offset that particular reduction.”