The business profits tax (BPT) stands at 8.5%; the business enterprise tax (BET) at .75%.
Under these bills, those would drop every year until 2019, when the BPT would be 7.9% and the BET .675%.
Senate majority leader Jeb Bradley told colleagues the cuts are an overdue recognition that N.H. isn’t as business friendly as it needs to be.
“To ignore the fact that we have an uncompetitive corporate tax rate is nothing worse than the most myopic short sightedness that we could have.”
Democrats, like David Watters, countered that cuts are ill-conceived.
“Throughout these speeches I’ve been hearing a sound going through my head, and if I may share, Mr. President, that sound it’s rrrrrrr-uuuuuuh. That’s downshifting.”
Immediately after adopting the tax cuts the senate voted to table them.
Senate republicans have made reducign business taxes a top priority, and leaders say the cuts will be part of the Senate’s budget plan. The N.H. Department of Revenue has estimated the cuts would reduce tax receipts by at least $130 million.
