"They were FOR the LLC income tax before they were against it!"
The NH BIA (Business and Industry Association) seemed to not want to protect its smaller members; it is only now, from my sources, that they have just come out against this new Democrat inspired tax.
The Before Part? Well, not known for being all that business friendly, the NH Democrat Party just released a Presser quoting the new NH BIA Chair Elect, Richard Samuels who seems to have written an Op-Ed that pretty much OKs the Democrat inspired 5% income tax on small business owners that are using the LLC style of legal structure:
It is easy to say that LLCs and partnerships should be placed on the same footing as corporations and that distributions or dividends to owners of both should be subject to equivalent taxation under the New Hampshire Interest and Dividends Tax. However, because partnership accounting and partnership tax (LLCs are taxed as partnerships) is very complicated and differs significantly from corporate taxation, figuring out how to treat distributions made by those entities in the same manner as dividends paid by corporations is very complex. Our hope is that the Department of Revenue Administration rule-making process will sort that out, and the Department is working hard to achieve that goal. In the meantime, it can fairly be stated that the tax does not spell an end to New Hampshire LLCs, it is not unfair, and it will not put New Hampshire LLCs at a competitive disadvantage to LLCs operating in other state.
Right – incrementalism at it worst; "put anothah nail in the coffin, Mahtha!". So what’s to be done about this next Democrat attack, signed into law by Governor "Do Nothin" Lynch aided and abetted by his Democrat posse?
Well, there are two guys, Andy Sanborn (owner of The Draft Sports Bar in Concord) and Andrew Hemingway (Internet entrepreneur) now fighting this at a new site:
I have a suggestion for ALL of you NH business owners out there – stop, look at your tax bill, start thinking this:
"The current State Democrat leadership is looking at the menu for how to raise taxes to meet their spending – and I’m center stage on the menu!"
figure out what your tax bill is going to look like, and then send Andy and Andrew a $100 to get them started on a real good campaign to nail this floozy of a doozy tax increase to Gov. Lynch’s corner office door!
Remember, Andy is the dude that stood up and was such a hit during the "Tax Summit" session and enumerated all of the taxes that an establishment like his has to endure. Yup, that’s him in the below YouTube and his guest post concerning this newest tax on LLCs and small businesses here in NH.
The BIA may not be standing up for the small businesses, but Andy and Andrew are! I’m a small biz guy too – these two have my support. After all, I may be just a minnow in the tax fish tank, but I’m on the menu too….