CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Majority Leader D.J. Bettencourt (R-Salem) offered the following comments on passage of Senate Bill 399, which passed the House by a vote of 245-80. The bill includes provisions to increase the exemption for the Business Enterprise Tax (BET) by 33%, to index the BET to inflation and to ban taxation of Internet services.
House Speaker William O’Brien
“When Republicans took office in 2010, New Hampshire ranked 50th – dead last – in the nation for our business tax rate, according to the non-partisan Tax Foundation. Through our efforts to reduce taxes last year, we were able to reduce that ranking to 46th. That’s progress, but 46th in the nation does not make our state the type of attractive state that can bring new employers and convince our current companies to grow here. In fact, it represents a New Hampshire Disadvantage. The BET is a payroll tax, so reducing it provides a strong incentive for employers to create good, new jobs here. This legislation will also reduce compliance costs for the many companies who will no longer need to file tax forms, and for the state, which will no longer need to process these forms. Fully one-third of our businesses will not pay BET as a result of this bill. Cutting the BET helps restore the New Hampshire Advantage by making us more competitive and will bring jobs to the Granite State. The progress continues.”
House Majority Leader D.J. Bettencourt
“Eliminating the tax on the Internet will put money into the pockets of New Hampshire’s working families. At a time when we our still facing a difficult recovery in our economy, this is a step that will provide relief and encourage more individuals to get connected online and have access to all the advantages of the information on the web. This is one more example of Republicans keeping our commitment to deliver affordable government to the citizens of the state.”