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Wednesday
Aug202014

NH Sen Bradley to Hassan: Which business taxes would you like to increase?

The New Hampshire Senate

Republican Majority Office

Governor continues to blame revenues while hiding spending

 

Concord, NH – Senate Majority Leader Jeb Bradley (R-Wolfeboro) today called on Governor Maggie Hassan to specify which business taxes she wants to increase. Hassan has been warning of a potential budget deficit since May, but has refused to update the Legislature on state spending. FY14 revenues came in above the conservative forecasts insisted on by Senate Republicans, yet Hassan continues to claim that recent business tax reforms “are having a negative impact on the state's budget.”

 

“If Governor Hassan thinks New Hampshire’s business taxes are too low, she should tell us which ones she wants to increase,” Bradley said. “Does she want to start taxing trusts again? That would raise about $5 million a year. Does she want to reduce the Research and Development Tax Credit? She might want to roll back the Net Operating Loss Carry Forward provisions signed by Governor Lynch. the Or maybe she wants to lower the threshold for the Business Enterprise Tax so that New Hampshire’s smallest businesses will pay more.”

 

“These important business tax reforms had broad, bipartisan support, and were factored into the revenue estimates that proved so accurate for FY14,” Bradley continued. “If Governor Hassan wants to roll back these tax reforms, she should tell us which taxes she wants to increase. In the meantime, I would repeat our request to update the public on how much state departments spent in FY14, which ended 50 days ago.”

 

Background

 

In 2011, the Legislature increased the filing threshold for the Business Enterprise Tax from $150,000 to $200,000, providing tax relief for New Hampshire’s smallest businesses.

 

In 2012, the Legislature voted 23-0 in the Senate and 312-18 in the House to override Governor Lynch’s veto of SB 326, exempting trusts from the Interest and Dividends Tax.

 

In 2012, the Legislature overwhelmingly approved HB 242, increasing the Net Operating Loss Carry Forward provision of the Business Profits Tax to $10,000,000.

 

In 2013, the Legislature passed SB 1, doubling the Research and Development Tax Credit and making it permanent. At the time, Hassan called it “a critical component of our innovation agenda.”

 

In June of 2013, Hassan praised the “bipartisan, fiscally responsible balanced budget agreement” that included all of the tax provisions she’s now criticizing.

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