Sen. Odell Statement on Proposed Business Tax Legislation

Concord, NH – Senate Ways and Means Chairman Bob Odell, R-New London, issued the following statement today regarding a series of business tax bills considered by the Senate:

“In 2010 the legislature authorized a Commission to Study Business Taxes and charged that group with examining our tax code and suggesting improvements.  After careful study, and in consultation with the state’s business community, that commission is close to issuing recommendations designed to increase fairness in our tax system, synchronize our laws with federal statutes, and encourage job growth in New Hampshire by reducing business tax burdens.

“The bills that were considered and voted down in the Senate today failed to take a similar comprehensive approach.  Instead of simplifying our statutes, these bills would have further complicated the existing patchwork of laws, rules, and regulations that business leaders have asked us to address.  Instead of applying our laws broadly across industries, these bills sought to use our tax code to pick winners and losers in favored industries and to provide taxpayer funded protections for wealthy investors.  And instead of allowing our recently enacted budget to run its course, these bills would have adjusted state revenues on the fly and started us down a slippery slope that would be dangerous to our state’s fiscal health.

“Businesses in New Hampshire are asking for simplicity and stability in our tax code, the bills considered today failed to provide either and their passage would have been bad for business in the Granite State.”