Concord, NH- House Majority Leader Jason Osborne (R-Auburn), Majority Whip Jeanine Notter (R-Merrimack), and Vice Chair of House Ways and Means John Janigian (R-Salem) released the following statement after public hearings
on HB15, relative to the rate of the business enterprise tax, HB133, repealing the communications service tax, and HB100, repealing the interest and dividends tax.
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Rep. Jason Osborne (R-Auburn)
“Make no mistake, New Hampshire has an income tax. Our tax on interest and dividends is the worst tax imaginable. By punishing saving, it restricts the very fuel of human prosperity. As soon as you enter the workforce, you are told you should be saving for your retirement. And what does New Hampshire do? After you have worked hard and saved, the state taxes you 5%.”
“It is our firm belief that Granite Staters and New Hampshire businesses should keep as much of their hard-earned money as possible. The three pieces of legislation introduced today ensures that happens. It is our goal to stop the collection of a seven percent tax paid by wireless consumers, further reduce business taxes, and repeal an unfair income tax on retirees and businesses. Our state consistently ends the biennium with a surplus. It makes more sense to keep money in the economy rather than have the state collect revenue we do not need.
“New Hampshire has a longstanding commitment to maintaining our overall low tax burden, and by lowering and eliminating taxes, it ensures we remain competitive. ”
Rep. Jeanine Notter (R-Merrimack)
“The business enterprise tax is a tax on the operation of a business. Between inflation and tough economic times ahead, businesses that may see a reduction in profits shouldn’t be overly penalized for continuing to operate. Every time Republicans have reduced business taxes since 2015 we have seen our revenue grow, and we should continue on that successful track record. Continuing to lower business taxes sends the message across the region and the country that New Hampshire is the right place to bring and grow a business.”
Rep. John Janigian (R-Salem)
“New Hampshire has been labeled as income tax free, but that is not the reality. Although we passed the phase out of the interest and dividends tax in last term’s budget, this tax still unfairly targets retirees for the next five years. It is not fair that the elderly and retirees are paying more in taxes because they saved, and as a result we are losing those people to other states. We want to stop the migration of retirees out of our state and keep them in our state to invest in New Hampshire’s economy. In order to make our state truly free of an income tax, we should be repealing this now, and I look forward to having this conversation with the legislature.”
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Background:
HB15, relative to the rate of the business enterprise tax, is sponsored by Rep. Jeanine Notter
HB133, repealing the communications service tax, is sponsored by Rep. Jason Osborne
HB100, to repeal the interest and dividends tax, is sponsored by Rep. John Janigian
For Immediate Release
January 24, 2023
Contact: (603) 271-3665
House Leaders Introduce Tax Reduction Legislation
Reformatted – Links to legislation added.
