Good afternoon –
A few weeks ago it was reported that New Hampshire has lost its competitive edge and is quickly becoming one of the worst business tax climates in the country. Additionally, a non-partisan study found that New Hampshire is totally underperforming when it comes to job growth.
- NH BUSINESS REVIEW: Study Finds NH Could Do Better When It Comes To Job Growth. “Adding to arguments that New Hampshire’s economy could use some added oomph, a newly released analysis of post-Great Recession job growth in all 50 states puts the Granite State near the bottom of the pack. Stateline, a nonpartisan, nonprofit news service of the Pew Charitable Trusts, analyzed Bureau of Labor Statistics data for each state since the Great Recession and found that while all have added jobs in that time frame, some have been slower to recover. On average, total employment has increased by 8 percent nationwide since the low point of the recession, but 10 states have seen growth at about 5 percent or lower. New Hampshire was 10th from the bottom, with job growth of 5.08 percent since the state’s employment rate …”(Jeff Feingold, Study Finds NH Could Do Better When It Comes To Job Growth, NH Business Review, 05/28/15)
- The Tax Foundation Reports That New Hampshire’s Corporate Taxes Ranks 48th In The County. “The non-partisan Tax Foundation ranks New Hampshire’s corporate taxes the 48th best in the nation. This uncompetitive position must be improved if New Hampshire is to generate the kind of business activity that can provide the employment, cultural and infrastructure growth everyone says New Hampshire needs.” (Editorial, NH Biz Taxes: Become More Competitive Or Decline, Union Leader, 05/27/15)
- New Hampshire’s Planet Fitness Might Relocate Because Of Maggie Hassan’s Anti-Business Agenda. “A day after gym franchisor Planet Fitness signaled its plan to go public, the company has threatened to move its corporate headquarters out of New Hampshire if the state doesn’t make changes to its tax code. … ‘We want to stay here,’ Rondeau said. Planet Fitness employs about 200 people at its headquarters in Newington. ‘It would be cheaper to pay the raise to cover an income tax to move across the border,’ he said. ‘It’s that great of a tax. . . . It’s hard for me to recommend staying.’” (Planet Fitness Threatens To Move Headquarters Out Of N.H. If Tax Code Changes Aren’t Made, Concord Monitor, 05/28/15)
Remarkably, Governor Hassan is standing in the way of new ideas to address this problem, and threatening to shut down the government rather than pursuing solutions.
- THE ASSOCIATED PRESS: Hassan Takes Strong Stand Against Business Tax Cuts. “Democratic Gov. Maggie Hassan is taking a strong stand against Republican plans to reduce the state's two major business taxes as she vows to veto the next state budget if it remains unchanged. Hassan's veto threat came as a 9-member team of lawmakers put the finishing touches on a tentative two-year budget deal. Republicans control both chambers, meaning Democrats have held little sway in the negotiations.” (Hassan Takes Strong Stand Against Business Tax Cuts, The Associated Press, 06/18/15)
- Hassan Opposes Legislation To Keep Businesses Like Planet Fitness In New Hampshire. "A change in New Hampshire’s business tax code requested by Planet Fitness was approved in a conference of House and Senate negotiators on Wednesday, without a single Democratic vote in its favor. … The fitness franchise company with 1,000 locations nationwide had threatened to take its corporate headquarters and the 150 jobs that go with it out of New Hampshire if the change was not made. State Sen. Andy Sanborn, R-Bedford, said the change is designed to allow all businesses in New Hampshire to have the same tax options that major corporations currently enjoy, even if the business is organized as a partnership, sole owner or limited liability company...Gov. Hassan may veto the bill..." (Planet Fitness Tax Break Moves Forward, The Union Leader, 06/17/15)
If Hassan refuses to compromise on something this important for New Hampshire, then how could she be trusted to solve problems in the U.S. Senate?