Stop The LLC Tax - UPDATE - 1/22/10
Please read... now they are lying to us!
First of all, welcome to all the new supporters who have joined this list. As I had reported to you a couple of days ago, the leaders of the Ways and Means Committee had a secret meeting on Wednesday to discuss the new "Rules" by which the State is going to impose this new Small Business Income Tax aka the LLC tax. What they really did was to get together and create a way to try and spin away the fact that they have significantly expanded new and additional taxes on small business and make the Small Business Income Tax even more invasive than when this started.
While they put out press releases on Wednesday, claiming to have "listened" to us during the hearings and claiming to have made the state oversight into our companies less invasive, at the same time they were making this claim, they have dramatically increased what the State of New Hampshire is going to consider "Small Business Interest and Dividend" and create new, additional taxes on us.
This is a link to the new rules (which are complicated) New Rules from DRA to tax small business owner further and please go to page 7 & 8 where you will see that the State is now saying that they will include the following in the calculation as Interest and Dividend and tax us on it........
So, overall the same issues we are concerned about still exist:
- Rental Income
- Operational Business Profit
- Interest Income
- Royalties
- Short Term Capital Gains
- Long Term Capital Gains
- Gains on the sale of Collectibles (yes they are going to TAX your Red Sox baseball card collection....)
- Tax-exempt income
- 1250 gains
- "other income"
- This is a new tax that when combined will be 13.5% on our personal income
- Record keeping for small businesses to try and defend ourselves will cost $500-5,000/yr
- We are being faced with double taxation - which is unconstitutional
- The 5% tax on refinancing (although is out of the rules), still is in the new law passed
So how do we do it?
First contact Governor Lynch at 271-2121 or email him at Governor Lynch and ask him to repeal this bad tax.
Additionally, the contact information of the members or the Ways and Means committee can be found here:
Please contact the members and ask them to repeal this jobs killing Income Tax on Small Business owners and refocus HB1607 (Reasonable Compensation) to protect small business owners, not prosecute small business owners.
Please help us create jobs, expand our economy and make New Hampshire great again!!
Andy Sanborn
Laurie Sanborn
Andrew Hemingway
Also, please forward this email to everyone you know, who is concerned about creating a job in NH or protecting small businesses and have them join our list and petition the Governor.
