New Hampshire business groups say changes to tax rules aren’t enough
By APThursday, January 21, 2010
New Hampshire biz groups speak out on tax rules
CONCORD, N.H. — New Hampshire business groups say the expansion of an investments tax to some small business owners will still hurt them, despite the release of new rules guiding how the tax will be applied.
Revenue officials believe the tax won’t be an issue for most small businesses because they reinvest profits to grow their businesses.
The Small Business and Industry Association says the tax on some owners of limited liability companies and partnerships amounts to an income tax that will greatly reduce their ability to create jobs. It says the rules haven’t been defined on time to institute the 5 percent interest and dividends tax, which has been applied to individuals’ investments.
The tax is due to take effect after lawmakers approve the rules.
