The New Hampshire Senate
Republican Majority Office
Concord, NH – Senate Republicans released the following statements on the passage of two pro-jobs bills during today’s session.
Senate Majority Leader Jeb Bradley (R-Wolfeboro) on the passage of HB 598, increasing the reasonable compensation safe harbor for Limited Liability Corporation (LLC) owners:
“In 2011, I was proud to sponsor SB125 to reform the state’s LLC statutes and establish a minimum safe harbor threshold of $50,000 for small business owners to draw as a salary. HB598 increases that threshold to $75,000 which will allow small business owners to keep more of what they make each year without worrying about intrusive audits of their finances. By establishing a more appropriate threshold, this legislation removes concerns about shifting levels of taxation and is another important step to ensuring New Hampshire remains a business-friendly state that nurtures our small businesses.”
Sen. Jeanie Forrester (R-Meredith) on the passage of HB676, extending the Coos County Job Creation Tax Credit:
“The Coos County Job Creation Tax Credit has been an added incentive to North Country businesses to create jobs throughout the recession by providing a credit against the business enterprise taxes a business would pay on new employees. As the state and the region continue to work our way back from the economic downturn, it is important that this incentive remain in place to remove some of the disincentive to hire and instead encourage the creation and expansion of business and job opportunities across the North Country.”
Both bills passed by votes of 24-0, without amendment, and now head to the Governor for her signature.