In a letter the Business and Industry Association President Jim Roche, Department of Revenue Commission Kevin Clougherty addresses concerns about how the new tax on Limited Liability Corporations (LLC's) would be implemented in New Hampshire.
The BIA has posted the entire letter on their website.
Clougherty Assurance Letter
Clougherty addresses technical questions on how the DRA will interpret the new law, which was rushed into the state budget without a public hearing last week. If passed, the DRA will examine the income, profits, and payments made by every LLC and determine how much compensation is appropriate. If state bureaucrats decide that an LLC is paying its officers too much, it will tax them.
Hattip: Drew Cline
The BIA has posted the entire letter on their website.
Clougherty Assurance Letter
Clougherty addresses technical questions on how the DRA will interpret the new law, which was rushed into the state budget without a public hearing last week. If passed, the DRA will examine the income, profits, and payments made by every LLC and determine how much compensation is appropriate. If state bureaucrats decide that an LLC is paying its officers too much, it will tax them.
Hattip: Drew Cline
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