A bill to repeal New Hampshire’s Interest and Dividend tax has met with an uncertain fate.
A motion that would’ve killed the bill entirely failed, 11-12, but a subsequent motion to table consideration was approved, 12-11, with Sen. John Reagan, R-Deerfield, the only member to vote with the majority in both instances. Sen. Jeb Bradley, R-Wolfeboro, did not vote citing a conflict of interest.
If a Senator does not move to reconsider the bill before the end of the session, which means another vote like the last, it will die until another day. That being a day when Republicans still have a majority and one with a bit more backbone.
Democrats claim the change would result in a loss of $100 million in Revenue. The Department of Revenue Administration claims the number is $85 million, but that number is a fiscal 2015 figure that includes $16 million in overpayments.
Sen. Gary Daniels claims the real sum is closer to $13 Million a year and as written the bill gives the legislature time to prepare for that.
You could give them 50 years; Democrats won’t want to repeal any tax. So it makes little difference to them which number is the truth. But it would be interesting to see Sen. Daniels analysis for future reference.
I’ll drop him a line and see if he’d like to share that with our readers.
