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Wednesday, June 3, 2009

Business profits tax hike survives Senate, but shrinks

Kevin Landrigan, who is allowed on the Senate floor, reports on the Senate's decision to approve double taxation of New Hampshire businesses, although only for one year rather than two:
At the 11th hour today, Manchester Democratic Sen. Lou D’Allesandro altered plans to take away for two years the suspension of a tax credit for the Business Enterprise Tax for companies that pay the Business Profits Tax.

"We heard loud and clear concerns about this so we would only do this in year two of the budget,’’ D’Allesandro explained.

The revised plan would take away the tax credit for only one year in 2011 rather than for both years of the two-year state budget.

The change created a $40 million hole in the two-year, $11.6 billion budget plan.

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