MANCHESTER – Today, Kevin Smith, Republican candidate for governor, made the following statement regarding Senate passage of a bill to increase the threshold amounts for companies that pay the business enterprise tax:
“I commend the Senate for passing HB 1418, a bill that would increase the threshold amounts for companies that pay the business enterprise tax. Although, my goal is to increase this threshold even further, it’s certainly a step in the right direction, and Governor Lynch needs to sign this bill into law."
“In March, I announced the New Hampshire’s Future Is Now plan to reform the state’s business taxes. Part of my plan called for raising the revenue threshold for businesses under the BET from $150,000 to $250,000. It also would eliminate the BET altogether on small businesses with less than $500,000 in gross revenue and that do not make a profit for the fiscal year."
“My top priority is to strengthen our economy and generate sustainable, good-paying jobs. To get there, we must reform our tax climate for businesses. New Hampshire ranks an uncompetitive 46th out of 50 states with one of the highest corporate tax burdens in the country. These taxes stifle innovation and the necessary investment in new employees, equipment and facilities. In particular, excessive taxes put enormous pressure on the entrepreneurs and small businesses that make up the backbone of our economy. In order to truly grow our economy and generate more jobs, we must employ a bold strategy to create an attractive environment for businesses – big and small.”