HB155: another unhelpful business tax reduction
This bill proposes a reduction in the Business Enterprise Tax (BET) rate from 0.55% to 0.50% for all taxable periods ending on or after Dec. 31, 2027. I urge readers to oppose this bill and to let your state senators know you oppose it. The BET has already been lowered from 0.75% in the last 10 years! How low are business taxes going to go while property taxes continue to rise?
The financial impact of this tax reduction is unclear; the Department of Revenue Administration cannot predict future BET tax revenue accurately. However, it is expected that the reduction will lead to a decrease in revenue for the General Fund and Education Trust Fund.
The state will probably lose approximately $49.9 million by fiscal year 2029.
I oppose this bill because it is not fair. Corporations should pay their fair share of taxes. This bill reduces taxes on large corporations like the Outlet mall and Fidelity here in my town of Merrimack. They will NOT be creating new jobs in New Hampshire with such a small reduction.
Supporters claim this will help small businesses grow. But a new report from the New Hampshire Fiscal Policy Institute shows that most small businesses already pay little or nothing under this tax.
This bill will negatively impact our communities, which will have less revenue to pay for services such as roads, police, fire, the dump and education. Where will that money come from? I worry that it will increase property taxes. Please oppose HB 155.