Contact: Sen. Chuck Morse
(603) 271 – 3095
March 22, 2006
Concord , NH – Today Senate Republicans passed Senate Bill 397 and voted to give New Hampshire businessesa $500 tax credit for rising fuel and energy costs in the form of a Business Assistance Credit (B.A.C). Senate Bill 397 started as an initiative to give New Hampshire businessestax relief for rising fuel and energy costs in the form of a Business Assistance Credit (B.A.C).
Senate Finance Chairman Chuck Morse (R- Salem) began, “New Hampshire is fortunate to have a thriving economy. We have our business community to thank, and we can not afford to take them for granted. It's our responsibility as legislators, and business men and women, to provide relief to the businesses in our backyard.”
The B.A.C. will be used to alleviate the financial constraints brought about by rising fuel and energy costs. “Every New Hampshire business is eligible, big and small, because everyone has felt the strain,” continued Morse.
A maximum B.A.C for rising fuel and energy costs of $500 per business will be given for the 2006 tax year. Businesses can claim the B.A.C based onthe amount of money expended on fuel and energy beginning January 1, 2006 and ending December 31, 2006. It is a dollar for dollar credit capped at $500.
Senator Morse (R-Salem) concluded, “This is a one time credit for business owners in New Hampshire. Energy prices hit every single person in New Hampshire, none harder than our businesses. As the Chairman of Senate Finance I am committed to New Hampshire business and I am proud that we're able to show our support.”