If you own a small business, LLC or Partnership, I need your help!! According to today’s Union Leader, Governor Lynch defended changes being made in the way that distributions by limited liability corporations are taxed.
Lynch said the changes were appropriate, and “will put businesses on a more level playing field. Right now a company that incorporates pays one sort of tax, an LLC pays another,” he said. "I do believe it is closing a loophole," Lynch continued.
On Wednesday, December 16 th at 10:00 AM at 109 Pleasant Street, Concord, the Department of Revenue Administration (DRA) will hold the only public hearing on the proposed rule to implement a 5% TAX on Interest and Dividends on all LLC’s and Partnerships in New Hampshire.
Further, at this same hearing, the DRA will consider and ultimately determine what is a Reasonable Compensation for you to earn from your LLC’s and Partnerships. The DRA is now auditing New Hampshire businesses and determining if a business owner is making more than “ Reasonable Compensation” and if so are taxing excess amounts!!
Also being considered at this public hearing will be the Refinance Tax. The DRA plans to tax bank borrowing or refinancing at a 5% rate, if you as a business owner borrow money to expand through a new or different entity. This tax will be applied as a Personal Income Tax.
If you want to stay in business, you need to attend this hearing on Wednesday, December 16 th at 10:00 AM in Concord. In order to have your voice heard at this hearing, you need to preregister at FormsCmte@rev.state.nh.us. Further, call the Governor at 271-2121.
I need your help to let other small business owners across the state know what is happening. PLEASE HELP ME TODAY!!
Help me alert other small business owners about this proposed INCOME TAX. A contribution of $100 today will allow me to notify 300 more small business owners and help stop this proposal.
This rule will destroy the NH advantage we have all come to enjoy. There has never been a time when small business owners have been under such attack. We can win this fight but not without your help.
I need you to send this e-mail to every person who owns, works for, or patronized a small business, LLC or partnership here in NH in order to educate them and get them involved. PLEASE HELP ME!!
Corey R. Lewandowski
Americans for Prosperity
P.S. Please help in the fight to protect small business owners. Click here to make a contribution and help maintain a healthy business economy in New Hampshire.