The New Hampshire Senate
Republican Majority Office
Bradley applauds Senate efforts to lower business taxes, electric rates, and workers comp
Concord, NH – Senate Majority Leader Jeb Bradley (R-Wolfeboro) applauded Senate passage of three bills which address three significant challenges to job creation in New Hampshire. The Senate approved a state budget that lowered business tax rates for the first time in 20 years, approved Bradley’s bill to lower electric rates, and approved reforms to the New Hampshire workers’ compensation system. A recent report from the Pew Foundation ranks New Hampshire among the ten worst states for job creation since the end of the Great Recession.
“New Hampshire businesses have struggled with high business taxes, high electric rates, and high workers’ compensation costs, all of which hurt our ability to create jobs,” Bradley said. “We’ve taken important steps to address all three, which would make New Hampshire more competitive.”
HB 2 lowers the Business Profits Tax from 8.5% to 7.9% in three stages, while cutting the Business Enterprise Tax 10% over that time. Bradley was the prime sponsor of SB 1, the BPT rate cut, and a cosponsor of SB 2, the BET rate cut. The Senate yesterday approved HB 2, which will likely head to Committee of Conference as the House and Senate finalize the state budget.
SB 221 provides electric rate relief following an agreement by Eversource to sell its power generating assets, and will lower stranded costs, which are costs ratepayers already pay. Bradley was the prime sponsor. The Senate yesterday concurred with House changes to SB 221, sending the bill to Governor Hassan’s desk.
SB 133 lowers workers’ compensation rates by allowing employers to negotiate medical costs, and requiring health care providers to justify the cost of their services. The bill also improves public transparency into health care costs, giving companies more choice. Bradley was the prime sponsor. The Senate yesterday concurred with House changes to SB 133, sending the bill to Governor Hassan’s desk.
“My top three priorities this year were jobs, job, and jobs,” Bradley added. “These three bills tackle three of the toughest challenges keeping New Hampshire business from creating more jobs. I look forward to Governor Hassan signing them into law in order to get New Hampshire’s economy moving again.