NH House Leaders Statement on Increasing Loss Carryover for Businesses

CONCORD – House Speaker William O’Brien and House Majority Leader D.J. Bettencourt today offered the following statement on the passage of House Bill 242, which increases the net operating loss carryover under the business profits tax. The budget made this change but passing this bill means it will move up the effective date to January 2013 instead of July 2013. The bill passed 259 to 89.

House Speaker William O’Brien

“This reduces the tax burden on our businesses and helps sustain employers in New Hampshire during these tough economic times. Most other states have unlimited or higher loss carry forward provisions and by increasing New Hampshire’s carry forward from $1 million to $10 million, it makes our state more competitive in attracting and retaining employers. Over the prior four years, New Hampshire developed one of the least favorable business tax environments in the nation. House bill 242 is a milestone on our journey back to a favorable business climate in New Hampshire.”

House Majority Leader D.J. Bettencourt

“This legislation is pro-business and eases the cost of doing business, which means employers have more money in their pockets to hire unemployed Granite Staters. Since most businesses use a January 1 date as the start of their fiscal year, changing the effective date of this legislation to January 1 makes doing business in New Hampshire easier. Republicans made a promise that we would focus on making our state the best place to start or expand a business and this will continue to be our priority in the 2012 session.”