Senate Republicans Vote to Give Irresponsible Tax Breaks to Out of State Corporations
Contact Name: Marina Altschiller
Phone: (603) 271-3207
CONCORD – Today, Senate Republicans voted to make an irresponsible change to the business profits tax and business enterprise tax that could cost New Hampshire $79 million in the next budget.
After the vote, Senator Cindy Rosenwald (D-Nashua) and Senator Lou D'Allesandro (D-Manchester) issued the following statement:
“Over the years, the legislature has repeatedly supported businesses by gradually reducing the business profits tax. However, as state revenues continue to be unstable as a result of COVID-19, we should not be making fiscally irresponsible changes that will only benefit a handful of out of state corporations. While we were happy to support the balance of an otherwise good bill, we firmly oppose Part I which risks $79 million in state revenues with no real proposal for making up the loss.”
###