N.H. Businesses May Have More Tax Cuts To Look Forward To
The House held a hearing Wednesday on a bill that would cut business taxes in the state.
The state projects that it will lose about eighty million dollars in revenue by 2021 if the tax cut passes, assuming the economy follows current trends.
But supporters argue that the cut would have positive impacts on local businesses. Bruce Berke, the New Hampshire Director of the National Federation of Independent Business, says that cutting taxes will lead to growth.
"Our small business community has been slowly, gradually awakening from a slumber than began ten years ago," Berke says, "And the recent tax cuts and proposed tax cuts are acting like an alarm clock for the business community and creating more activity and investments to grow their businesses again."
Opponents of the bill say that New Hampshire needs that business tax revenue to pay for things like roads and schools
Lawmakers already reduced business taxes two years ago, but there is not yet evidence showing whether that resulted in economic growth in the state.