House passes bill maintaining business profits tax
CONCORD, N.H. (AP) — The New Hampshire House of Representatives has voted to approve a bill that will partially reverse reductions in the state’s business profits tax.
House Bill 623 would maintain the business profits tax — which falls on businesses that make at least $50,000 a year — at 7.9 percent, the level it was before it dropped to 7.7 percent in 2018. The Concord Monitor reports the move pushes back against a Republican effort to lower the tax.
House Democrats argue the legislation will help the state place more money into state programs ahead of future economic downturns.
The bill heads next to the Finance Committee, but faces opposition from Republican Gov. Chris Sununu who has said he will oppose reversals to tax cuts he helped secure.
Information from: Concord Monitor, http://www.concordmonitor.com