The New Hampshire House of Representatives has passed HB 155, a bill that would lower the state's Business Enterprise Tax (BET) from 0.55% to 0.50%. The move is part of ongoing efforts to improve business tax competitiveness in the state.
John Reynolds, State Director for the National Federation of Independent Business (NFIB) in New Hampshire, responded to the bill's passage. “We commend the New Hampshire House of Representatives for passing badly needed tax relief for small businesses,” said Reynolds. “Despite our state’s well-deserved reputation for having a worker-friendly tax code, New Hampshire lags regionally and nationally in business tax competitiveness. The Tax Foundation recently ranked New Hampshire’s business tax climate toward the bottom nationally (37th) – behind New York (29th), Connecticut (30th), Rhode Island (32nd), and even Massachusetts (33rd).
“We hope this is just the start of tax reform that will make it easier to start and grow a small business, invest in workers, and expand the state’s economy,” continued Reynolds. “NFIB encourages lawmakers to make business tax rates more competitive and address important federal conformity issues like the small business investment deduction (Sec. 179).”
Reynolds also highlighted that this latest action continues a decade-long trend of bipartisan reforms aimed at making New Hampshire more attractive for businesses. He pointed out that BET is essentially a tax on employment and noted that reducing such taxes could help small employers hire more workers at a time when finding qualified staff remains challenging.
The NFIB has represented small and independent businesses across America since its founding in 1943, advocating at both federal and state levels.
